One way to get prescription drug coverage is with Medicare Part D. This will cover all sorts of medications for you, but exact what it covers will differ from one plan to another. That’s right- there are multiple Medicare Part D 2020 plans, and we want to discuss a bit about those, how you can sign up and how they work for you and with other insurance plans.
What Part D Will Cover
With a Part D prescription drug plan, you can have a lot of different drugs covered. Which ones will be covered will vary from one plan to the next. It just depends on which provider you get your Part D plan from.
They all offer what is known as tiered coverage in Part D. What that means is that the drugs that fall into the top tier are covered completely. The tier below that offers a majority of coverage. The tier below that covers less for any drug that is a part of it, and so on. At the bottom of the plan’s tiered coverage are drugs that are only covered a tiny bit.
Part D will cover a number of prescription drugs, as well as generic drugs. You can check the full list of coverage for any Part D plan by visiting the website associated with its insurance carrier. We can’t list all of the Part D plans here and what they all cover, because there are so many different ones, but we suggest you take a look at any you are interested in.
How to Get Medicare Part D
With a Medicare Part D plan, you can be well covered for various drugs, but how do you get one of these plans. There are two different ways, actually. You can sign up for it as a standalone plan, or you can get it as a part of a Medicare Advantage plan. Either way, you receive the same coverage, so long as it is coming from the same insurance provider. Some whether you buy an Aetna Part D plan on its own or an Aetna Advantage plan with Part D included, you get exactly the same drug coverage.
To be eligible for this plan, you simply need to be eligible for Original Medicare. That is done by reaching 65 years of age and by being a US citizen. If you have been a resident for five years or more, then you can qualify that way as well. If you already have an Original Medicare plan, then you should already qualify for a Part D plan as well.
We talked about there being two ways to get your Part D coverage, but which one costs less? Well, you can often save money by going with the Advantage plan version. The standalone Part D plan will usually have lower initial price tag, and that’s because it covers you for so much less. However, the Advantage plan can provide powerful coverage that you may benefit from. If you need all that coverage, it is often much cheaper to get an Advantage plan with Part D included than to buy the Advantage plan and Part D separately. Keep in mind that not all Advantage plans will include Part D coverage.
How Part D Cooperates with Other Plans
If you get a Medicare Part D 2020 plan, how will that interact with other medical coverage plans that you have? The answer is that it really depends on what coverage you currently get.
If you have a Part D plan already, perhaps through your Advantage coverage, then you cannot sign up for a separate Part D plan. They will overlap completely, and you will be paying twice for the same coverage. That is simply not allowed and it does you no good.
If you have a coverage plan from your employer or your union, you may be able to sign up for a Part D plan at the same time. It just depends on what kind of drug coverage those plans offer you. Part D is entirely drug coverage, so if you are getting some drug coverage already, then there is a good chance that there will be some overlap and that you will need to drop one of the plans.
Supplement plans and Original Medicare do not overlap with Part D in any way, and both of those are perfectly compatible with Medicare Part D coverage.
If you have any questions about overlapping coverage or you don’t understand Part D fully and what it can do for you, then please feel free to contact us. We would be happy to help you out and answer any questions that you may have. We can give you advice and help you to understand what your options are and how different plans will provide coverage for you.
Do You Need Medicare Part D?
This is a great coverage plan for many seniors, because many of them have multiple prescription drugs that they are getting all year long. Their medications can become very expensive, and it makes sense to try to have them covered, if at all possible. Medicare Part D can be very affordable, especially if you use our site to compare prices and find a good deal. This doesn’t cost you anything, and it could save you so much money. Be sure you use our site to source as many quotes as possible and to compare prices before you settle on a Part D plan.
You can also see if Medicare Part D 2020 is affordable for you. Compare the cost of this plan to how much you pay each year for medications and see if there is any cost savings by choosing the coverage plan. That’s how you can keep your healthcare expenses low and get a plan that is worthwhile. Not every Part D plan will cover you well or will be cost effective, so take the time to use our price comparison tool and find a suitable plan.
Compare 2020 Medicare Advantage Plans