The Facts about Medicare Part D Prescription Drug Coverage

If you will become eligible for Medicare this year, then you will be faced with many important decisions surrounding your personal health coverage, but what about Medicare Part D? Perhaps you aren't sure if this is something you really need, or you are worried that you cannot afford this additional coverage. Some seniors back away from taking on the additional monthly premium of Medicare Part D, and even miss the enrollment deadline, before realizing that they really needed the coverage. Before you make the same mistake, it helps to learn the facts about Medicare Part D.

Medicare Part D is part of Medicare, but it is run by a private insurance company or other Medicare-approved company. For Medicare-eligible adults, Part D is available in the following two ways:

1. Medicare Prescription Drug Plan: Often known as "PDPs", these plans add supplemental drug coverage to your original Medicare plan, as well as other approved Medicare plans like the PFFS and MSA options.
2. Medicare Advantage Plans: Similar to a traditional HMO or PPO, a Medicare Advantage Plan combines the most popular features of Original Medicare, Part B and Part D prescription drug plans, and combines it into a manageable health plan for seniors.

If you choose not to sign up for Medicare Part D when you first become eligible, and you don't have another type of prescription drug plan in place, then you are likely to pay a penalty for late enrollment.

The cost of Medicare Part D will vary by provider and by the type of drugs the plan covers. The cost may be higher if your income is above a certain level, but it could also be lower if you qualify for Medicare's “Extra Help” program and other Medicare Savings Programs.

In order to get Medicare Part D prescription coverage, you must first be enrolled in Medicare Parts A and B. The costs and coverage levels vary with each plan, and may also vary depending on where you live. If you need help deciding on the right Medicare Part D prescription drug program, a Colorado health insurance broker can help. An online broker from Healthquotes.com will be happy to help you get Medicare Part D insurance quotes from the top insurance companies in Colorado, New Mexico and Arizona. Michael Horvat is a health insurance expert and broker with HealthQuotes.com in Colorado Springs, CO. If you are searching for Colorado health insurance plans or quotes, please give Michael a call anytime at 800-345-0789.