What is a Medicare Prescription Drug?
Medicare Part D involves costs that are similar to those found with any standard medical or prescription insurance coverage plan. These costs include premiums, yearly deductibles, and copays. An individual participant’s actual costs will vary depending on several factors, including the specific plan they choose, the medications they use, and the pharmacy they select. Generally, participants would opt to enroll in Medicare Part D when they first become eligible for the program. Otherwise, they may incur a late enrollment penalty unless they meet certain criteria, such as having other creditable prescription drug coverage. The government categorizes creditable prescription drug coverage as that which is expected to pay at least as much as Medicare’s standard prescription drug coverage.
Eligible individuals who want to enroll in Medicare Part D will first need to evaluate their options and choose a plan. After identifying the plan they want to select, participants can enroll online via the plan’s website or by phone, or by submitting a paper application.
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