Back
to Top

Part D Insurance
Humana Part D

Licensed Medicare Part D agents represent virtually every insurer in the United States. No one knows the rules and regulations of the Medicare industry better than the local insurance agent.

Medicare Insurance Plans

Affordable Medicare Part D

Can I Afford A Medicare Part D Premium?

Now it really does not matter if you are choosing a plan from a basket of 100 plans by 20 different Medicare Part D plan providers, or if you are getting a Part D plan online. You should be prepared to shell out some money.

The reason is simple. Regardless of what the plan is, there is always a premium that needs to be paid.

Medicare D may disappoint many by not providing the kind of savings that they expected when buying their policy. As part of the 2003 Medicare Modernization act in January 2006, Medicare D was introduced by the Centers for Medicare and Medicaid Services to assist them with their prescription drug costs. It would be possible for recipients to pay the same premium as for Part B add-ons.

If you opt for Medicare Part D benefits, you will need to pay around $35 to $37 per month. Part D is not a standalone plan and must be purchased as part of a prescription drug pan or an Advantage plan. Those wishing to buy a policy must use caution before spending any money in the first instance.

Enrollees have a large choice of plans available to them for Medicare Part D. Some 25 insurers offering 100 plans will ensure that there will be a lot of plan comparisons made when purchasing a policy. You will normally be offered either an add-on fee for Medicare Part B or a combined premium for both Medicare Part D and Medicare Part B.

Apart from the premiums, most Part D plans also charge a deductible on prescription drugs.

A standard Part D would require plan enrollees to pay $250 in deductible and charge 25% of the cost of prescription drugs until the yearly out-of-pocket costs total $2,275. The Medicare D recipient shoulders the costs beyond $2,251 and up to $5,100. If you’re body is like a drugstore in that it requires a lot prescription drugs for maintenance, or if you need a few expensive prescription medicines to get by, Part D provides little or no safety net for your prescription drugs cost.

Plan rates will vary in accordance with the amount and type of coverage you are seeking. It’s a good idea to know exactly how much you can expect to pay before committing yourself to a policy. Should you miss the enrollment period, you may incur a penalty. Calculate you plan rate according to the date you signed up, the policy you chose, the drugs that you are prescribed and the frequency in which you use them.

Because of the apparent complexities of Medicare Part D, many plans have been sold to the senior citizens – nothing wrong with it except that the plans sold have generally been too expensive for the kind of benefits they provide.

Each of the Part D plans comes with a list of prescription drugs that can or cannot be covered and the list changes every year. Click Here to find out more.

JM-07-2012