What is Medicare Part D?
In 2006, Medicare began covering some prescription drugs taken at home. It introduced Part D drug plans, which are actually operated by private insurance companies with very little oversight by Medicare itself.
Anyone who is entitled to join a Medicare Part D plan who does not enroll when first eligible will be assessed a 1 percent penalty for every month he or she does not enroll. (Call us for more details.)
When are the enrollment periods for Medicare Part D?
You have three enrollment periods:
•Initial Enrollment Period
(when you first get your Medicare A and/or B)
•Annual Election Period ( Each year you can switch Plans)
•Special Election Period
•Leaving Creditable Coverage
•Moving in or out of Service Area
•Extra help paying for Plans
Do I qualify for extra help with costs?
There are different levels of extra help available, depending on your income and assets. People with a lower income and fewer assets get more help with their Medicare drug plan costs.
Level 1--You may qualify for extra help ifyour yearly income is less than this amount--AND the amount of resources you own does not exceed $10,830 for an individual or $14,570 for a couple$8,100 for an individual or $12,910 for a couple
Level 2--You may qualify for extra help if your yearly income is less than this amount--AND the amount of resources you own does not exceed $14,620.50 for an individual or $19,669.50 for a couple$8,100 for an individual or $12,910 for a couple
Level 3--You may qualify for extra help if your yearly income is less than this amount--AND the amount of resources you own does not exceed $16,245 for an individual or $21,855 for a couple$12,510 for an individual or $25,010 for a couple.
The resource amount includes $1,500 in savings that you can use as a burial fund. Couples can have $3,000 for the burial savings.
You may not qualify for extra help with costs if your income or assets exceed these limits.
Every Year during the Annual Election Period we help people who qualify for Medicare Part D find the best company by comparing their medication with all the Medicare Part D providers that offer plans in their area. We will help you with enrollment into the plan and help making any transitions as easy on you as possible.
Let us help you find the best plan for you: