“We offer Every Medicare Plan that is available to you

and We Charge Nothing!”

For this reason, you might think It Is Best to consult AN INDEPENDENT INSURANCE AGENT who is authorized to offer Plans from a variety of Insurance Companies.  An Independent Agent can help you understand the Tiered Structure of Prescription Drug Plans, the Coverage Gap and the Threshold for Catastrophic Coverage.  He can help you research the Medications you are currently taking and will help you to determine if one particular Insurance Carrier charges a lower cost for your particular Medication.  Your Independent Agent can help you to understand the differences in the Benefits of the Available Plans and he can help you find the Lowest Cost Planamong the carriers who offer Plans with similar benefits.

As previously stated, Many Medicare Advantage Companies offer $0 Zero Premium Plans which Do Not Charge a Monthly Payment at all, yet they offer an Insurance Plan that covers More Medical Expenses than Original Medicare alone.  And often these plans Include Prescription Drug coverage, so they make a very good choice for people who are looking to plan and provide for their health coverage in a Cost effective way.

If you decide not to join a Medicare drug plan when you’re first eligible, and you don’t have other creditable prescription drug coverage, you’ll likely pay a late enrollment penalty.

Prescription Drug Plans - Eligibility and Enrollment

Prescription Drug Plans (PDP) - Medicare Part D

It is during this Initial Enrollment Period that most people enroll in a Prescription Drug Plan.  People who elect to purchase a Medicare Supplement Plan will often purchase a stand-alone Prescription Drug Plan to help cover the cost of their Medications.  Other people who choose to enroll in a Medicare Advantage Plan, will usually choose an MAPD plan which also includes Prescription Drug Coverage.

To enroll in a stand-alone Medicare Prescription Drug Plan (PDP), you must be enrolled in either Original Medicare Part A and/or Part B. To get prescription drug coverage through a Medicare Advantage Plan (MAPD), you must be enrolled in Both Part A and Part B.

The Vast Majority of Medicare Beneficiaries will Age-in to Medicare at 65 years old, and they will be Eligible to Enroll in a Medicare Advantage Plan or to choose a Medicare Supplement Plan during the Initial Enrollment Period (IEP), which is a 7 month period including the 3 months before the month of a person's 65th birthday, the month of their 65th birthday, and the 3 months after. 

Prescription Drug Plans - Available Plans and Cost

When you are planning for your future health care, it's not only important to have the best Plan available, it is also important to have a good Agent who will keep you informed  when the Costs of different Plans change or when New Plans become Available so that you can make the changes necessary if the time comes where it is cost effective for you to change your plan.

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But if you think this section on Prescription Drug Plans (PDP) doesn't apply to you because you aren't taking any Medications right now, you might want to re-think that idea.  Even the healthiest People have Medications prescribed to them by doctors.  And often, the Prescription Drugs that people take are a significant portion of their Total Medical Expenses in a given year.

The Government and Medicare know this, that is why they encourage you to enroll in a Prescription Drug Plan as soon as you are eligible, OR they charge a penalty to your Premium when you ultimately sign up at a later time.

As with All of your healthcare needs, the decision is completely up to you.  But You probably don't want to put off enrolling.  

If you have purchased a Medicare Supplement Plan or you have chosen to Keep Original Medicare Part A and Part B, you will want to purchase a stand-alone Prescription Drug Plan (PDP).  If you have chosen a Medicare Advantage Plan which includes Prescription Drug Coverage, then you don't need to purchase a stand-alone Prescription Drug Plan (PDP), but you still may benefit from reading this section.

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Read on for more information....

Finally, there is the fact that Insurance Carriers offer Plans that provide similar coverages, yet they will require different Monthly Premiums, deductibles and different co-payments for similar Plans.

For this reason, you might think It Is Best to consult AN INDEPENDENT INSURANCE AGENT who is authorized to offer Plans from a variety of Insurance Companies.  An Independent Agent can help you understand the Tiered Structure of Prescription Drug Plans, the Coverage Gap and the Threshold for Catastrophic Coverage.  He can help you research the Medications you are currently taking and will help you to determine if one particular Insurance Carrier charges a lower cost for your particular Medication.  Your Independent Agent can help you to understand the differences in the Benefits of the Available Plans and he can help you find the Lowest Cost Plan among the carriers who offer Plans with similar benefits.

When you are planning for your future health care, it's not only important to have the best Plan available, it is also important to have a good Agent who will keep you informed  when the Costs of different Plans change or when New Plans become Available so that you can make the changes necessary if the time comes where it is cost effective for you to change your plan.

Again there are Standardized Features of Prescription Drug Plans (PDP) and Medicare Advantage Prescription Drug Benefits, which are dictated by Medicare and must be included in All Plans offered by Private Insurance Companies who are approved to offer Medicare Prescription Drug benefits. 

All Plans will have a Tiered structure, where Generic Medications will be in the Lower Tiers and require a Lower co-payment by the Policy Holder, and Brand Name Medications will be in the Higher Tiers and require Higher co-payments by the insured person.  

In addition, Most Plans have  a Coverage Gap or "Donut Hole" and an out-of-pocket limit before reaching threshold for Catastrophic Coverage.  Although for 2018, Medicare has determined that the Coverage Gap should begin when the total cost of Medication has reached $3,750, different Plans may offer different levels of Coverage within the Gap.

Even though the plans are mostly similar, the Private Insurance Companies Charge Different Premiums, Deductibles and co-payments associated with their Prescription Drug Plans. 

Some Stand Alone Prescription Drug Plans will have Low Monthly Premiums, but will have a deductible which the Policy holder must pay before any Prescription Drug Expenses will be covered.  Some plans will have No Deductible, but will generally have a higher premium. 

Even the Carriers who offer Medicare Advantage Plans with Prescription Drug Coverage, will often require different co-payments for medications on each Tier.

Many Medicare Advantage Companies offer $0 Zero Premium Plans which Do Not Charge a Monthly Payment at all, yet they offer an Insurance Plan that covers More Medical Expenses than Original Medicare alone.  And often they include Prescription Drug coverage in the benefits of the Plan.  

During the Annual Election Period from October 15 through December 7 anyone with Medicare can enroll in a Prescription Drug Plan or Medicare Advantage Plan.  They can also change from one plan to another. 

As you can see there are many details involved when you are planning for your future Medical Coverage.  With some effort and education you can learn everything you need to make an informed decision about which Prescription Drug Plan is best for you.

But there are issues that might cause confusion, like the Tiered Structures, the Coverage Gap and Catastrophic coverage.

Your own Medications are likely to be changed year after year and the many different Prescription Drug plans and Medicare Advantage Plans have their costs and benefits change.

Neill Aarons, Independent Agent
(561) 450-5252 (954) 667-9790

Medicare Prescription Drug Plans are often Called Medicare Part D.  Prescription Drug Coverage is Available to everyone with Medicare.  The Plans are offered by Private Insurance Companies who are contracted by Medicare.

There are generally 2 Ways that a Person can get Prescription Drug Coverage:

1. Medicare Prescription Drug Plans (PDP). These are stand-alone plans that may be purchased by an individual to add Drug Coverage to their Original Medicare Part A and Part B, Or to add to their Medicare Supplement Coverage.
2. Medicare Advantage Plans often include Prescription Drug Coverage with the other Benefits of the Plan.  You get all of your Part A and Part B coverage, and Prescription Drug Coverage (Part D), through these plans. Medicare Advantage Plans with prescription drug coverage are sometimes called "MAPD plans."