Medicare Prescription drug coverage is also called Part D in Medicare.
Prescription drug coverage is offered to those who already have enrolled in Medicare Part A and/or Medicare Part B.
Medicare Part A and Medicare Part B can be used anywhere in US, but Medicare Prescription Drug coverage is offered by the private companies in the nation.
Every company offering Medicare Prescription drug coverage benefits has different drug coverage, different premiums.
Medicare Prescription drug coverage can be benefited at specific pharmacies mentioned by the company.
Medicare Prescription Drug coverage can be benefited by two ways
Cost of Medicare Prescription Drug Plan
The cost of the Medicare Prescription Drug Plan varies depending on the prescriptions, type of Plan
Monthly premium is charged which varies with the Plan type along with the Part B monthly premium
Some amount is charged additional to the premium before the Drug Plan begins which is called as Yearly deductible. Copayments or coinsurance is needed to pay your share after the Drug Plan pays its share.
For the people who need to cover more proportion of their cost of prescription drug coverage, a part of Medicare Prescription drug coverage plan gives Extra help.
This program is specially designed for people who extra coverage need cost of their prescription drugs which include reduced premium and low copayment and deductibles.
Donut hole is part of Medicare Part D often called as Medicare’s Prescription Drug Coverage. This is of major concern of people who have joined Medicare Prescription Drug Coverage. This coverage gap is between $2700 to $4550.Once you reach the drug cost of $2700, you are in the donut hole. You have to pay from your pocket for Prescription drugs till you reach $4550.After this the coverage gap ends and your prescription drug Plan will pay most of the expenses year around.
Donut hole can be avoided if
Late Enrollment penalty is the amount added to the premium of Medicare Prescription Drug Plan. It is added if you did not get the benefits of Medicare Prescription Drug Plan when you were eligible for Medicare. Medicare Prescription Drug Plan coverage is not there for a period of 63 days after Medicare coverage is availed.