Medicare Part D

Part D is an optional coverage that is provided through private insurance companies approved by Medicare. Here’s how it works:

• Enrollment: You can enroll in Part D when you first become eligible for Medicare or during the annual enrollment period.
• Premiums & Deductibles: Each plan has its own monthly premium, deductible, and co-pays for covered drugs.
• Drug Formularies: Every Part D plan has a list of covered drugs (formularies). It’s important to check if your medications are covered by the plan you choose.
• Coverage Phases: Part D plans operate in phases, including an initial coverage phase, coverage gap, and catastrophic coverage phase.

Medicare Part D is designed to help cover a broad range of prescription drugs, including:

• Common Medications: Antibiotics, blood pressure medications, diabetes medications, and more.
• Vaccines & Immunizations: Some vaccines like shingles and pneumonia vaccines may be covered.
• Specialty Medications: Coverage for specialty medications such as chemotherapy drugs or HIV/AIDS medications may also be included, depending on the plan.

Each plan has its own formulary, so it’s essential to check whether your specific medications are covered.

Choosing the best Part D plan can seem complex, but Sargent Insurance Agency is here to help you navigate the process. When selecting a plan, consider the following factors:

• Medications You Take: Make sure your prescriptions are included in the plan’s formulary.
• Monthly Premiums: Compare the costs of different plans to find one that fits your budget.
• Pharmacy Network: Check if your preferred pharmacy is part of the plan’s network.
• Deductibles & Co-Pays: Review how much you’ll pay out-of-pocket for medications under each plan.

You can enroll in Medicare Part D during:

• Your Initial Enrollment Period (IEP): When you first become eligible for Medicare.
• The Annual Enrollment Period (AEP): Each year from October 15 to December 7, you can join, switch, or drop your Part D plan.
• Special Enrollment Periods (SEPs): Certain life events, such as moving or qualifying for extra help, may allow you to enroll outside of these regular periods.

If you delay enrolling in Part D when you're first eligible, you may incur a late enrollment penalty.

Medications can be expensive, especially as you age. Medicare Part D helps protect you from rising prescription costs and provides a more predictable way to budget for the medications you need.