Medicare and Medicare Part D Supplemental Insurance Plans
“I have a Medigap policy to supplement my Medicare, should I still register for a Part D policy?” If you’ve ever wondered that, you’re not alone. Although recipes are not important to you now, there are reasons to enroll in a plan. Of course, we know that the chances of needing some type of medication as we grow in years are high. If you wait until you need medication to enroll and do not attend the first time you receive Medicare, you will probably have to pay a fine. The fine applied will be 1% of Part D of the National Base D Beneficiary Award per month that you could have requested but did not. This penalty is added to the plan prize you choose. The National Base Beneficiary Award is $32.34 in 2011. If you delay enrollment in Part D for 1 year, you will have a $3.88 fine on your monthly premium for the plan you choose. The penalty is permanent.
The Medicare drug program is known as Medicare Part D. The Part D is provided by private firms. These firms and the different prescription policies they make available must be approved by Medicare. Everyone must cover certain medications and meet certain coverage criteria to be approved. However, plans can vary greatly in terms of premiums, co-payments and total out-of-pocket expenses. If you have original Medicare Advantage Plans, you can register in an independent Part D prescription policy together with your Medicare supplement policy. Most Medicare Advantage plans include Medicare coverage Parts A, B & D. There are some that cover only A & B and need a part D.
Since all plans have different cost-sharing, an essential part of your strategy to minimize the cost of medical care is a comparison of the plans available in your area. Your prescriptions are exclusive to you and the choice of your medication plan should be based on your medications. You can get a detailed report that compares all the plans in your area by visiting the Medicare website and using the Medicare Plan Finder. This fantastic program shows you all the plans and how they relate in cost to your unique list of recipes. You will also see the quality rating for each plan.
There are limited times when you can enroll in Medicare Part D. For example, you can enroll when you become 65 years old. You have a 7 month subscription period. This is called Initial Enrollment Period (IEP). This starts 3 months prior to your birthday month, then includes your month of birthday and terminates on the last day of the third month after your birthday.