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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

What to Expect from Medicare Part D in 2013

Medicare Part D Prescription Plan

Ever since the Medicare program was enacted, it has gone through several yearly changes, not to the framework of Medicare, but to the drug plans and their formularies, depending on the Part D drug plans themselves, and these are often at variance to each other.

Other annual changes include the difference in the minimum services for Part D Standard Benefit drug plans, as these are flexible as compared to other Part D plans.

The year 2013 will be much the same

What can we expect from changes to the Part D Standard Benefit Plan in 2013? The following figures have been set for Part D of Medicare in the coming months:

  • Initial Deductible:                         $325
  • Initial Coverage Limit:                 $2,970
  • Out-of-Pocket Threshold:          $4,750
  • Minimum Cost-sharing in Catastrophic Coverage: $2.65 (generic drugs) & $6.60 (all others)

If you were enrolled in Medicare Part D for 2012, you will by now have considered re-evaluating your plan to ensure that it is still suitable for your requirements in 2013. 2014 plans, just like last year, can be reviewed on October 1, 2013. This is known as the open enrollment season and marks the beginning of Medicare marketing activity. Enrollment is between November 15 and December 31st.

It is during this time that you can make hanges to your Part D plan, or opt to stick to your existing plan. If you choose not to make any changes, your coverage will be under the terms of the 2012 Part D plan

All Part D plans are effective from the first day of January, 2013. Medicare Part D enrollees who wish to change their plan from MA-PD prescription drug coverage to a PDP plan can do so during the Special Enrollment Period in the first quarter of the year. There are provisional guidelines for switching these plans laid out by the Center for Medicare and Medicaid Services to ensure that MA-PD enrollees are accepted in these plans.

Those enrolling in Medicare Part D for the first time will be penalized for enrolling outside the open enrollment period. Those who have creditable coverage can enroll late upon providing proof of ownership before enrollment.

If you are an employer offering Medicare Part D as part of your healthcare benefits, you are legally required to provide a disclosure notice to employees (both past and present) plus the plan's beneficiaries, stating whether the plan is indeed creditable. This cazn be determined by using actuarial variation or other, less expensive valuation methods.

The enrollment penalty for joining outside the designated annual enrollment season stands at 1% of your monthly premium for the period during which you were without creditable coverage.