Prescription Insurance in Charles City, IA and Floyd, IA
If you’re a Medicare enrollee, you may already be aware that your Medicare health benefits (depending on the plan you have) may not cover your prescription drug costs. In many cases, you’ll need to enroll in a Medicare Part D plan—commonly referred to as a Medicare Prescription Drug plan—to receive appropriate coverage for your medication costs.
The team at Shankland Insurance is your trusted advisor in making sense of Medicare Part D plans and helping you enroll in one. Give us a call today at 641-228-7436 to learn more or to speak with an agent and get started.
What Is a Medicare Part D Plan?
Original Medicare is the foundational coverage that offers health insurance for millions of Americans. People who are age 65 or older are eligible to enroll in Medicare. Additionally, this health insurance can cover people under 65 with specific disabilities or people of any age with end-stage renal disease (permanent kidney failure).
Original Medicare contains two primary benefits: Part A (Hospital Insurance) and Part B (Medical Insurance). While these benefits will offer you coverage for critical medical services, many people also purchase a supplemental insurance policy to handle any Part A and B coverage gaps. Medicare Part D is prescription drug coverage and is available to everyone with Medicare. It is a separate plan provided by private Medicare-approved companies, and you pay a monthly premium. A subsidy is also available for low-income beneficiaries.
How Does Prescription Drug Coverage Work?
Within your Medicare Part D plan, you will receive coverage for generic, brand-name and specialty drugs to combat various illnesses and conditions. All these plans must meet standards set by Medicare regulations, but health insurers retain the right to impose specific terms within their plans as well. Medicare Part D may have formularies—lists of covered prescription drugs—and pricing tiers.
Additionally, plans include coverage phases—initial coverage, the donut hole and catastrophic coverage—that you encounter based on how much you are spending on prescriptions. Your drug costs might vary depending on where you are in the plan cycle.
How Much Is a Medicare Part D Plan?
Medicare Part D plans and costs vary widely, and only specific plans are available in certain communities. The best plan for you will be affordable and offer the appropriate benefits for your medication needs. A Medicare supplement plan can save you money and provide peace of mind.
Get Started Today
Finding the right health care coverage is an important task that can be confusing. The agents at Shankland Insurance are here to help you find the right coverage for your needs, including a Medicare Part D plan. Call us today at 641-228-7436 to get started.