Medicare Part D — Drug Coverage With Lower Premiums
- Drug coverage. Medicare Part D plans are for people who need drug coverage, and who want an affordable plan with a low premium.
- Low premiums. Medicare premiums are generally low, and Part D is a worthwhile investment if you need prescription drugs.
- Sooner is better. Medicare Part A and Part B generally do not cover prescription drugs. We recommend enrolling in a Medicare Part D drug plan sooner rather than later. If you delay enrollment you will be assessed a penalty equal to 1% of the national average drug plan premium Medicare Part D penalty for each month you’re not enrolled. This means that if you don’t purchase drug coverage now but do later, you’ll end up paying more for your plan and you will continue that penalty for the rest of your life.
Who is Eligible for Medicare Part D?
In a nutshell, if you are eligible for a Medicare Insurance Plan, you will be eligible for Medicare Part D.
Medicare Part D Requirements
In order to get Part D plan, you need to be enrolled in either Medicare Part A, Part B, or both.
If you’re enrolled in a Medicare Advantage Plan (Part C), you may already have drug coverage, in which case you don’t need a standalone Part D plan. Call one of our licensed agents to find out.
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All you pay for is the premiums, which are the same with or without our help.
How to Get a Medicare Part D Plan
These prescription drug plans are provided by private insurance companies. Medicare Part D agents in Washington will help you choose a plan and help you understand the basics of Part D.
If you need Medicare Part D, insurance agents in Washington will review your needs and find the right plan for you. While you can browse through a plan finder online on your own, it’s really difficult to make an informed decision without help, because the world of medical insurance is a complex one. Our agents have access to more information than public websites, and have tools to compare prescription drug costs to get you the most affordable plan for your situation.
Choosing a Medicare Part D Plan
If you’re working with a Medicare Part D insurance broker in Washington, you don’t have to worry about this on your own. It’s their job to find a Medicare Prescription Drug Plan that will fit your needs and they do it well.
If you need help choosing a drug plan, contact McGregor Benefits. We are an independent health insurance agency and are here to help you through the process of protecting yourself and your family. Our Medicare agents are experienced and helpful, and they will find a plan that meets your requirements at a low cost.
Our brokers will use their decades of experience to find a plan that’s priced just right and which’ll ensure minimal out-of-pocket expenses while providing adequate coverage. And the best part is that our services are completely free of charge!
If you have any questions about Medicare Part D in Washington state, you can contact our expert brokers anytime.
Why Use an Independent Medicare Broker?
You will want to make sure your plan meets your needs. Brokers have experience and access to information that is not readily available to you. This is what they do, so they know the ins and outs of finding a Medicare Prescription Drug Plan.
Medicare Part D FAQs
What does Medicare Part D cover?
It covers some prescription drugs from every category of drugs. It is important to note that not every plan covers every drug.
How does Medicare Part D work?
Once you are enrolled in a plan, you can purchase drugs from pharmacies that are within your insurance company’s network, or mail order and typically you get a discount on the retail price.
What drugs are covered by Medicare Part D?
The list of drugs covered by Medicare Part D will depend on which plan you choose to get. Your plan will also affect how much you pay for different drugs. You can learn all about what your plan covers and about formularies by visiting the official Medicare website.
How much does Medicare Part D cost?
The average premium is $33 for Medicare Part D premium in 2020 .However, you will have copays and out-of-pocket costs in addition to the premium. If you have a high income you may have income-related monthly adjustment (IRMAA) in addition to your Part D premium.
How to sign up/apply/enroll for Medicare Part D?
The process for Medicare Part D enrollment is simple. Reach out to an agent with McGregor Benefits and they can help you enroll in a Part D plan. Enrollment is usually done during your Initial Enrollment Period (when you turn 65), or during annual enrollment period (AEP).
What is Medicare Part D annual enrollment?
Annual enrollment refers to the period during which Medicare enrollees can reevaluate and change their Medicare plan (if they’d like to). This is from October 15 to December 7 of each year.
How do I choose a Medicare Part D plan?
The Medicare website has a Medicare Part D plan finder online, which you can use without logging in. It’s easy to use, and you’ll have a list of plans that you can choose from. If you aren’t sure which plan to go with, Medicare Part D agents in Washington state can always help!
What is the Medicare Part D donut hole?
The ‘donut hole’ is a coverage gap which you enter after spending $4,020 on drugs. What it means is that basically there’s a temporary limit on what the plan will cover. While you are in the donut hole, you will be paying 25% of the cost for covered drugs. After the donut hole you fall into catastrophic coverage.
Still have questions? Contact one of our Medicare Part D insurance agents in Washington! They will answer any questions you have, and advise you on your Part D drug plan.
Medicare Services We Help With
Prescription Drug Plans can be purchased as a stand product or paired with a Medigap plan. Part D drug plans are offered by private insurance companies to cover prescriptions.