One of the more important benefits Medicare provides for enrollees is the coverage of much needed prescription drugs. Medicare Part D is the essential source for receiving drug compensation, and is typically obtained through by joining an insurance or another private company plan that has been approved by Medicare, which Part D in turn works by adding additional prescription drug coverage to your original Medicare plan.

Those looking to sign up under Medicare Part D also need to be signed up with Part A, B or both. Once you are considering joining Part D, you will need to review what types of plans your insurance companies provide in terms of getting the right prescription medication you need, what the total cost will be and what pharmacies are compatible.

Cost
Determining what your out-of-pocket costs will be while under Part D equates to how much your individual or joint tax returns are. Here is a list to help understand what you will pay on top of your insurance premium based upon your yearly income. If you make:

  • $85,000 or less, or a joint total of $175,000 or less, you will only have to pay your plan premium and nothing more
  • Individually up to $107,000 and collectively up to $214,000, you will pay $12.10 on top of your plan premium
  • Up to $160,000 or $320,000 together, $31.10 on top of your plan premium
  • Up to $214,000 or $428,000 combined, $50.20 in addition to your plan premium
  • Above $214,000 or $428,000, you will pay $69.30 as well as your plan premium

Keeping these figures in mind will help you be able to effectively total your insurance and Medicare finances together.

What drugs are not covered
Medicare Part D will offer support for most prescription drugs you need; however, there are a few circumstances where coverage for medication cannot be provided. Such drugs include:

  • Weight loss or weight gain drugs
  • Fertility drugs
  • Erectile dysfunction medication
  • Relief for the common cold or flu
  • Prescription vitamins and minerals

Applying for Part D
Once you have selected a suitable plan that matches your needs, you can sign up for enrollment online. Late enrollment fees may apply, so be sure to keep an eye on your eligibility. If you find yourself in need of a different type of drug coverage, you can always switch plans to get you the proper medication you need.