Jun 1, 2023

What is Medicare Part D and how does it work?

Manny Cominsky

When you’re new to Medicare, you may only know about the main plan offered by the federal government, Original Medicare. What you may not know is that Medicare is actually a catch-all for a number of plan types, including:

Combined hospital and medical plans that may offer extra coverage

Plans that cover prescription medications

Plans that cover certain Out-of-Pocket costs, such as copays and coinsurance

These plans are offered by private health insurance companies to cover certain things that Original Medicare’s hospital (Medicare Part A) or medical (Medicare Part B) coverage does not. For example, Original Medicare doesn’t offer coverage for prescription medications. However, a Medicare Prescription Drug coverage plan can fill in that gap.

Medicare Prescription Drug coverage plans, also known as Medicare Part D, are designed to provide coverage for most available prescription medications. Medicare Part D plans can help you save a great deal on the costs of prescription medications. In this article, our friends at MedicareInsurance.com are going to help you learn more about the benefits offered to you by a Medicare Part D plan.

Needed Medications Can Feel Out of Reach for Low-Income Seniors

As you age, you develop a need for certain medications to help you maintain good health. It doesn’t matter how fit or healthy you may be, advanced age catches up to us all. You may not need to take a full roster of medications each day, but there’s a good chance you may need to take at least one or two to stay healthy and well.

If you’re a senior living on a low fixed income, and you rely on that income to help you get the medications you need, it can be tough. In some instances, those of you who rely on low fixed incomes may feel like you have to make a choice between buying medications or paying utility bills or buying groceries.

In other words, many needed prescription medications can be very expensive. Trying to keep them on hand without any kind of assistance or extra financial support can seem next to impossible.

Medicare Part D Prescription Drug plans are designed to make it easier for you to purchase the medications you need. Like Medicare Advantage (Medicare Part C) plans, Medicare Part D plans are offered by private health insurance companies. As a result, they can deliver coverage that you can’t get through the federal government’s Original Medicare plan. The lack of prescription drug coverage through Original Medicare means that Medicare Part D plans fill a huge gap in coverage for seniors like you.

With a Medicare Part D Plan, You Pay Medication Copays Only

Being responsible for the full cost of prescription medications Out-of-Pocket can be incredibly taxing. If you’re a senior with Original Medicare or Medicare Advantage only, or you’re still using a conventional health insurance plan, you’re likely feeling the full brunt of today’s medication costs.

With Medicare Part D, you’re spared from paying the full cost of the prescription medications that you need. Medicare Part D beneficiaries only pay the copay for a prescription medication. In fact, some plans help you cut the cost of prescription medications all together by offering a $0 copay.

Whether or not you can enroll in a Medicare Part D plan that offers $0 copay depends on:

The insurance company from which you purchased your coverage

Where you live

The type of plan you purchase

Even if you can’t enroll in a plan offering $0 copay, the amount you’ll save on your medications with a Part D plan versus buying them without one is staggering. For the best benefit, be sure to research and compare Medicare Part D plans in your area. By researching and comparing Medicare plans near you, it’s much easier to find one that meets your specific needs.

Medicare Part D Plans Can Be a Great Help to Seniors at All Income Levels

Having the ability to purchase the prescription medications you need without worry shouldn’t feel out of reach. If you’ve been considering Medicare plans, but Part D hasn’t been on your radar, it’s time to change that. A Medicare Part D Prescription Drug coverage plan can help you more than you realize when it comes time to purchase the medications that you need.

Need help learning more about Medicare Part D plans? Looking for a way to start comparing Medicare Prescription Drug coverage plans in your area? Our friends at MedicareInsurance.com are here to help. They offer a free plan finder tool that can help you get started with comparing and researching plans, and their licensed insurance agents are always happy to answer any questions you may have. Give them a call today at (800) 950-0608 to connect with a licensed insurance agent who can help you learn more about Medicare Part D plans near you.

To learn more about how Sunbound can help make senior living more affordable for you or your loved one, send us an email at info@sunboundhomes.com or request more information on Sunbound. Sunbound is the best way to pay for senior living and is on a mission to make senior living affordable for everyone.

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