Medicare Part D Drug and Prescription Plans
Medicare Part D Drug and Prescription Plans, and Medicare Part D In Belvidere, Rockford, Aurora, Joliet, Elgin, Marengo, Morris, Woodstock, IL, and the Surrounding Areas
Medicare plans are important to understand in Belvidere, Rockford, Elgin, Joliet, Aurora, Woodstock, IL, and the surrounding areas, both in terms of what they do cover and what they do not cover. Your prescription drugs are not covered by Parts A or B, but instead you need Medicare Part D to address this. Because there are plenty of offerings for Part D, it pays to work with our team at Medicare and Prescription Services to help you identify the right Medicare Part D prescription plan that works best for you. This is an optional coverage; however, if you don’t have creditable prescription drug coverage when you become eligible for Part D, you will have a permanent late enrollment penalty. Contact us today to learn more about Medicare Part D drug plans and how to avoid the penalty.
Medicare Part D Prescription Plans for Illinois Seniors
When it comes to Medicare Part D prescription plans, there are two main ways to get the coverage. First is with Medicare Advantage plans that typically include Part D coverage, and the second option is when you take original Medicare, you will sign up for Part D coverage as well. The plans offered are from private insurance companies, and each plan has its own formulary, so it is important to review the drugs being covered by each plan to ensure that your medications are covered.
Comparing Medicare Part D Drug Plans by Medication Needs
Because each Medicare Part D prescription plan offers coverage for different medications, you must receive multiple quotes from different insurance companies. By having these multiple quotes, you can easily compare the plans to see which cover your medications, and then, from the remaining options, look at other aspects of the plan to find the one that best suits your needs. Keep in mind where your medications fall on the drug tiers: Tier 1 meds are typically preferred generics, and Tier 5 meds are specialty medications that typically have much higher costs.
Local Help Choosing Medicare Part D Plans in Belvidere, Rockford, Elgin, Joliet, Aurora, and Woodstock
It isn’t easy to compare several different Medicare Part D prescription plans, so having a local expert from Medicare and Prescription Services who can answer your questions and help guide you to the right plan is very important. This can also save our clients money as they choose plans that offer their medications in a lower tier, or will cover the more expensive medications that other plans will not cover. And because you can change your Part D coverage annually in Belvidere, Rockford, Elgin, Joliet, Aurora, Woodstock, IL, and the surrounding areas, we can help you review all of your needs to ensure that your current plan is adequate, or if you need to search for a better plan.
What to Expect During a Medicare Part D Review
When you schedule a Medicare Part D review with our team, you should have a few pieces of information with you. First is your current Part D plan details to compare against, along with a list of the medications that you are taking. You may find that a medication that was listed as a Tier 2 medication with one provider is listed as a Tier 1 medication with another provider. This can lead to cost savings during the year for you, so this comparison is important.
Medicare Part D Enrollment Timelines and Coverage Changes
It is important to understand when you should enroll in Medicare Part D coverage. The initial enrollment period is a 7-month period that begins 3 months before your birth month and extends to 3 months after your birth month. In order to avoid late enrollment penalties, clients should enroll during this time period. Then annually, between October 15 and December 7, clients can change Part D plans with the new coverage starting on January 1 of the following year.
Medicare Part D FAQs
What are the costs for Medicare Part D coverage?
The costs for Part D plans will vary from plan to plan, but generally, you will have a monthly premium, a yearly deductible, as well as copays or coinsurance costs.
Do I have to sign up if I don't take any medications?
Yes, you are better off signing up during your initial enrollment period, even when you don’t take any medications, because of the savings from the late enrollment penalties that continue to add up month after month until you enroll.
Can I change Part D plans outside of the annual enrollment period?
Yes, changing plans outside of the annual open enrollment period is possible if you qualify due to a specific life event. Qualifying life events include moving to a new address, losing your employer-sponsored coverage, and other events. Talk with our team to learn about all of these potential events.
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* We do not offer Part D Medicare Insurance plans.