Medicare Part D

Not all Medicare drug plans are the same and there are two ways you can obtain a Medicare Part D plan. The first is through a Medicare Advantage Plan and the second is a stand-alone drug plan. 

The stand-alone drug plan will have a monthly premium, while some of the Medicare Part C plans do not, however with both ways of obtaining coverage they may have deductibles, copays and coinsurances. 

You need to make sure all your medications are covered on the prescription drug formulary; determine the copay or coinsurance you will be responsible for and find out if you will be responsible for a deductible.

There are two very important things you need to keep in mind. 

1. Make sure you evaluate your drug plan yearly during your Annual Election Period. Plans can change drastically every year.

2. Remember that if you do not have creditible coverage, you will be imposed with the Part D penalty.