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
- Anyone on Medicare can get Medicare Part D coverage, regardless of income or health.
- You are not obligated to enroll, but there may be penalties if you don't sign up when you are first eligible.
- 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.
- 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.
- 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.
- 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.