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Do I Need Medicare Part D?

Medicare is made of multiple parts: Part A, B, C, and D. It can be confusing to figure out which parts of Medicare are best for you. Luckily, we here at Generations Insurance can help the people of Idaho Falls navigate the tricky business of insurance. Read on to learn more basics about Part D and whether or not you should add it to your Medicare plan.

What is Medicare Part D?

Medicare Part D is the part of Medicare that covers prescription drug coverage. As a reminder, Medicare Part A covers inpatient hospital costs, Part B covers outpatient healthcare costs, and Part C is the other name for Medicare Advantage. Parts A and B do not cover prescription medication, which is where Part D comes in.

Unlike Parts A and B, Medicare Part D plans are sold by private insurance companies. It works like this: If you decide to enroll in Medicare Part D, you first start researching companies and plans in your area. At this point, most people find it helpful to find a local agent, like our agency here in Idaho, who better knows the reputable companies and plans for people in your local demographic. You then apply and pay a monthly premium for your Part D plan.

People Who Could Benefit From Part D

Part of understanding whether you could benefit from Part D is knowing what Part D covers. Part D covers common prescription drug medications. The exact medications it covers depend on your area and plan. For example, a typical plan in Idaho Falls may cover different medications than a plan in Seattle. You can find out what is covered under a specific Part D plan by looking at its formulary. 

The people who could benefit the most from Part D are people who need prescription drugs. These can get expensive if you have to pay out of pocket. Most people need medications as they get older, so most people should purchase Part D.

Repercussions of Avoiding Prescription Coverage

While Part D is technically optional, you may be subject to a late fee if you decide not to enroll. Unless you have coverage from another plan or an employer, you will be considered not covered. If you are not covered and decide not to buy prescription drug coverage, you will have to pay a late fee if you do decide to enroll in a Part D plan down the line. The penalty fee depends on the amount of time you went without prescription drug coverage. 

Part D is a great way to get prescription drug coverage. However, choosing the right plan means choosing an agent who knows your area. At Generations Insurance, we know the best plans for people in Idaho Falls. Give us a call today!