Medicare Part D Enrollment

Medicare has an optional program called Medicare Part D, which provides insurance to help pay for prescription drugs. If you select to have the coverage, you pay a monthly premium. The annual enrollment period for Medicare Part D plans is quickly approaching.

This period runs from October 15 and ends December 7.  During that timeframe Medicare eligible individuals can purchase a new drug plan or make changes to their existing drug plans.  New benefits would then take place on January 1, 2015.

6 Key Facts About Medicare Part D

  1. Anyone on Medicare can get Medicare Part D coverage, regardless of income or health.
  2. You are not obligated to enroll, but there may be penalties if you don't sign up when you are first prescriptioneligible.
  3. To enroll in Medicare drug coverage, you must select one approved private drug plan among many offering different choices.  As commonly mistaken, there is no single government plan.
  4. Do you have a limited income? It is possible you could qualify for a program called "Extra Help," where you'll pay very little for your medications.
  5. Are your drug costs very high? You'll pay no more than 5 percent of the cost of each prescription after you've spent a certain amount of money out-of-pocket in any one year; this is known as the catastrophic phase.
  6. Do you have better drug coverage already? You probably won't need Medicare's Part D coverage, but it’s highly recommended to check with you current plan or experienced broker.

Do you need more information on Medicare Part D coverage?  Contact a Caravus Individual Market consultant to learn more about this program.