Medicare Insurance Part D / Drug Plan Quotes Jacksonville FL
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Medicare Insurance Part D or Prescription Rx coverage can be obtained as a stand alone Part D plan or included in a Medicare Advantage Plan. All Part D plans have different formularies and tier prices for covered drugs. In Jacksonville Florida there are 19 Medicare D Plans offered … so unless you are insurance savvy and computer efficient comparing all this can be a task. It is much easier and secure to let us do the research for YOUR 3Rs *** Right Doctors, Right Coverage, Right Price!
NOTICE: Low income Medicare Beneficiaries are eligible for some Extra Government Assistance but they must apply for and then be approved to get such help. If your individual monthly income is below $1,471 or $1,991 as a couple, then you may be eligible for some level of Financial Assistance. Unfortunately, many Beneficiaries have not filed because they are/were unaware of this opportunity. Just contact us to learn more about the potential Benefit Levels and apply.
Types of Coverage
A Medicare Prescription Drug Plan will come with a list of drugs that will be covered. This is called a formulary. Drugs are often put into a tier within the formulary with drugs in lower tiers costing you less than those in higher tiers. If your provider feels you need a drug not on the formulary an exception may be requested.
A Part D plan must be joined during the enrollment period. Enrollment periods include:
- If you are going to turn 65, you can sign up during the 7-month period, which will start three months before you turn 65 and will last three months after the month of your birthday.
- Disability under Age of 65 – After you receive 24 months of Social Security or Railroad Retirement Board, you are eligible for Medicare. You may enroll three months before your 25th month until 3 months after the 25th month.
- Already Enrolled, but Turning 65 – If you’re already enrolled in Medicare, you can enroll in a Part D program 3 months before your 65th birthday month until 3 months after your birth month.
- Open Enrollment Period – Every year, you can enroll from October 15th to December 7th
- Medicare Advantage Disenrollment Period – Every year from January 1st to February 14th
Other enrollment periods may be available, such as a special enrollment period. If you think you may qualify for special enrollment call an agent at Thomas & Associates today for more information.
Phases of Coverage
Medicare Part D provides different phases of coverage including:
- Annual Deductible Phase – Each calendar year, if your plan has a deductible, then you pay the full cost of the drugs until your deductible has been satisfied, thereafter co-pays would apply.
- Initial Coverage Phase – After you reach your deductible, you enter the initial coverage phase. This phase will be where you start every year if you have a plan without a deductible. You will need to pay a copayment or coinsurance when filling prescriptions until you reach the out-of-pocket maximum for your plan.
- The Coverage Gap Phase or Donut Hole – After your total drug costs reach $2,960, you will enter this phase and you will exit it when you reach $4,700. Those as a part of the Extra Help program won’t enter the coverage gap phase.
- Catastrophic Coverage Phase – After your out-of-pocket costs reach $4.700, you will enter this phase. It usually means you will have a lower copayment or coinsurance when filling prescriptions.
If you’re not enrolled in a qualified Part D plan, you may end up with a 1% penalty per month. This can get costly very fast. Instead of being charged a penalty, call Thomas & Associates today and speak with an agent about getting Part D coverage.