Medicare Part D 2020
One of Medicare’s various plans is focused solely on prescription drug coverage. Anyone who has a few different medications they need to have filled throughout the year should consider Medicare Part D 2020. This powerful drug coverage plan can take care of many of the more common medication expenses and provide peace of mind for the rest of the year about any unexpected medication costs.
Even if you only need one or two medications for the year, you may still save money with this plan, since it is often quite cheap and will cost, on average, about $33 a month. This is an optional plan, so it will not be included in Original Medicare, your basic Medicare policy. It is not required to be included in any coverage plan under the Affordable Care Act.
How You Sign Up for Part D
If you want this plan, you will specifically have to choose it on your own. You can get it one of two ways- either by purchasing it separately from a private insurance company or by purchasing it as part of a Medicare Advantage plan package. The Advantage plan will have Part D in its name to identify that the drug plan is included, so this makes it very easy to find. You cannot sign up for Part D both ways at once, as that would provide overlapping coverage that you are paying for twice.
Medicare Part D is available to anyone who has Medicare Part B active and valid. If you don’t have Part B yet, you can always sign up for it once you tun 65 and then get Part D at the same time or shortly thereafter. Your enrollment period for Part D begins three months before you turn 65 and lasts for three months after you reach that age. This period gives you your best opportunity to get this drug plan. Outside of that enrollment window, you may have to pay a fee to sign up for the plan or you may not get rates that are as good or as competitive as if you had signed up during the enrollment window.
How Part D Will Cover You
Part D does not have standardized coverage, and you need to be aware of that before you just blindly sign up for it. If you buy Part D from Aetna, it is not likely to give you the same coverage as if you were to buy it from Mutual of Omaha. Each insurance company has their own version of the plan and their own rates for the plan.
Part D always has tiered coverage, though, and what this means is that it will cover a number of drugs completely in this top tier. The tier below that covers most of the cost of any drugs that fall into it. The tier below that covers its drugs a bit less, and so on until you get to the bottom tier, where very little coverage is provided. Which drugs fall into which tier of coverage will vary from one insurer to another.
Medicare Part D 2020 can cover you for prescription medication and generic drugs. Be sure you look at what a given Part D plan covers exactly before you sign up for it. You want to ensure that it is relevant to you and that it covers drugs that you need to have covered. Not every Part D plan has something for you and would be worth your money, so pay attention before you commit to the plan.
Part D and Other Insurance Plans
Medicare Part D will interact fine with most other medical insurance plans. It is compatible with most of them and will work well with Original Medicare and Medicare Supplements. We mentioned earlier about how you can find it in some Advantage plans. Actually, the majority of Advantage plans will be Part D Advantage plans. Keep in mind that you cannot sign up for Part D on its own if you already have it included in your Advantage coverage. It is often cheaper to get Part D as a package deal with the Advantage policy than it is to buy them both separately.
There will be some union healthcare policies and some employer healthcare policies that overlap with Part D, so be careful with the kind of coverage you are getting and how it might not be compatible with a Part D plan. If you have any overlapping coverage, you will need to drop one of your plans so that you are not paying for the same medical coverage twice.
The Cost of Part D
How much is a prescription drug plan going to cost you? The answer is different in 2020 than it was in 2019, as the rates do increase. The private insurance companies selling Part D will set their own rates, as we mentioned, and they can change those rates as they like.
Now, once you are signed up for one of their Part D plans, your rates and your coverage are guaranteed for a full year. The rates cannot be changed on you at all during that period. Once the plan’s term is up, then new rates may go into effect.
You can find out how much Part D costs from one insurer to another by using our website. We offer a free search tool here that lets you see a list of the quotes on Part D plans. This allows you to see at a glance what several different insurers charge for their Part D plan and then compare them to find the best deal.
We recommend you make use of this free service and compare rates on Medicare Part D 2020. That way, you can feel good about the cost of the plan and ensure you aren’t being overcharged for it. There are some really great deals to be had on these plans, and many seniors will save money by using our site to find the best Part D plan for them.