Blog Posts, Medicare

What is Medicare Part D?

What is Covered Under Medicare Part D?

Medicare Part D covers a variety of prescription drugs. Medicare Part D is an optional benefit for those with Medicare. Medicare Part D plans and Medicare Advantage Prescription plans specifically list which brand-name and generic prescription drugs they cover. For more information about what your Medicare Part D plan will cover, please visit Medicare’s website.

How Much Does Medicare Part D Cost?

Most Americans are only required to pay their Part D premium. However, if your modified adjusted gross income is above certain levels, there may be an adjustment amount you are also required to pay. Medicare uses your modified adjusted gross income from 2 years ago to determine the premiums you must pay in the current year. The chart below demonstrates how this is determined.

Will I Have to Pay a Late Enrollment Penalty?

You will have to pay a late enrollment penalty if, “for any continuous period of 63 days or more after your Initial Enrollment Period is over, you go without” Medicare Part D, a Medicare Advantage Plan with prescription drug coverage, or creditable prescription drug coverage, according to the Medicare website.

How Do I Pay for Medicare Part D?

Many people choose to have their Medicare Part D premium automatically deducted from their social security benefit. To have your premium deducted from your social security, contact your drug plan provider and not social security. Typically, the first deduction takes three months to go into effect and three months of premiums will be deducted at once. After that, only the premium due that month will be deducted. For further information, please view Medicare’s Part D payment information.

For more information, please visit the Medicare website.

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