2018 Washington Medicare Part D Guide| RX Coverage (Best Guide)

prescription drug coverage

Medicare Part D

If you’re just starting Medicare, you’re almost certainly going to want to purchase a prescription drug plan ( Medicare Part D).

What is Medicare Part D?

Medicare Part D is the prescription drug coverage part of Medicare. There is a wide variety of prescription drug plans available to suit everyone’s needs.

Are you Require to Purchase a Part D Plan?

Medicare does not require you to purchase a Part D plan.  However, Medicare will tack on a penalty to your premium if you decide to purchase it in later years. More importantly if you don’t purchase a Part D plan when first eligible, you will be locked out from purchasing it until AEP (Annual Election Period) Oct 15- December 7th every year. The plan will then only be effective Jan 1st. An Example would be, let’s say you decline to purchase a Medicare Part D plan when First eligible for Medicare. Years down the road you end up needing one because you now need critical expensive prescriptions. Medicare is going to force you to wait until AEP (oct 15-Dec 7th) and your plan won’t even be effective until January 1st the following year. On top of having to wait, you’re going to pay a penalty for all those Months/ years you weren’t enrolled. The penalty is permanent. 

Mike's Take: Medicare Prescription coverage is pretty inexpensive. Even if you're healthy and take no medications at all, I still recommend you purchase it. If you're taking no medications your cost is going to be around $20 a month. It's not a major expense and it'll save you a lot of hassle down the road.
Mike Worrell Insurance Agent
Mike Worrell

How Do I Purchase a Medicare Part D plan?

Basically you want Medicare to recommend you the best prescription drug plan for you based on your current prescriptions, and pharmacy preferences. You can do this by using www.medicare.gov, calling 1-800-Medicare, or having us at Washingtonmedicareplans.com assist you in shopping your case for your.  We’ve also created a youtube video to help walk you through the steps of purchasing a prescription drug plan below ( just scroll down)

How does prescription drug coverage work?

Medicare Part D Coverage

 

What if I can’t afford my Prescriptions?

Medicare has an option if you meet a certain criteria of income that will allow you to get what’s refereed to as LISS ( Low Income Subsidy). This will pay the premium on your prescription drug plan and reduce the cost of your prescriptions to very little. Usually $5 or less per prescription. 

My Agent sold me a Medicare Supplement plan but won’t help me with my Prescription coverage, why?

  • Prescription drug plans pays very little, and in a lot of cases no commission. So, most agents aren’t willing to help their clients with it when there is no money in it for them.
  • Also, on the off chance an agent has jumped through all the hoops to represent a few prescription drug plans (even though there’s close to 40 of them) there are very strict rules they must follow, like only showing you those specific plans and when it comes down to it, they’re only going to make a couple dollar commission anyway.
  • It’s best to find an independent agent who will not only help you with your Medicare supplement but will also take the time to teach you how to use Medicare to shop for the best prescription drug plan.
Mike's Take: I assist all my clients with prescription drug coverage. If you decide to buy your Medicare Supplement from me, I will gladly help you with your prescription drug coverage. If I don't have the privilege of earning your Medicare business, you can still watch the YouTube video I made that walks you through the basics step by step. (see below)
Mike Worrell Insurance Agent
Mike Worrell

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