» What is a Medicare Drug Plan?
Medicare drug plan is one of the advantage plans, generally referred to as Medicare Part D and technically known as the Prescription Drug Plan. It offers coverage for expensive drug costs.
These plans are renewed every year. The open enrollment period is for 45 days, starting from mid November and ending on 31st December every year. There is a penalty of 1% of the premium cost every month if anyone enrolls after the allotted time.
Medicare drug plan is for senior citizens who are above 65 years of age. A person who is entitled to Medicare Part A and/or Part B of Medicare program is eligible to apply for it.
The premium cost per month to be paid for part D program can be as low as $20 per month. It has the lowest premium in comparison to other supplemental plans. The premium is decided according to the plan chosen and the drugs you want.
A formulary is a list of drugs offered in a plan and varies for every plan. Formulary has three tiers according to which the cost of plan is decided. Tier 1 has a list of generic drugs and lowest monthly premium. Tier 2 has a list of branded medicines so costs slightly higher than tier 1. Tier 3 has a list of branded medicines and the cost is higher than the other two.
Enrollment in the drug plan leads to save more than 70% of total expenses paid annually on drugs. It is one of the highest selling insurance products in the market. Senior citizens know that they need to buy drugs every week. It makes sense to invest in a plan which can help you to get some discount.
Why prescription drug plan is popular? In fact, more than 90% of senior citizens are on regular drugs and spend a lot of money on drugs. Part D supplemental policy helps them to save money on drug expenses by offering drugs at reduced rates.
There are a few complications with the part D program, but if a person is aware of every plan and its offers, part D is simple. Various local insurance agents who get the supplemental leads from the form you fill out on the website will contact you to help you simply things and choosing the best policy for you.
Learn more about Medicare supplementary insurance plans, including Advantage Plans, Medicare Part D and Part D enrollment.
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