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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

Medicare Part D Plans - Choosing the Right Medicare Part D Plan

part d plan

Medicare Part D Plans - Pick the One That is Really Right for You.

Medicare Part D is an addition to the Medicare program that was enacted in 2006 to help seniors and other Medicare beneficiaries deal with the increasing costs of prescription medication. Unlike Medicare A and B the CMS (Center for Medicare Services) does not administer Medicare Part D plans directly. Instead these plans are offered by private health insurance companies, although they are regulated by the government mandates to a great extent.

What the Government Says Medicare Part D Plans must Include

Although there is no government Medicare Part D plan when the program was created in 2006 there were a set of standard benefits created that all companies offering a Medicare Part D product must build into their offering. For 20012 CMS decreed that the annual deductible could be no more than $295 and that the initial coverage limit had to be at least $2,700. Once the initial coverage limit is reached guidelines say that beneficiaries can be made to pay out of pocket up to a total of $6,153.75 , at which point catastrophic coverage must be put into effect and the drugs covered once again. This gap in coverage is usually referred to as the “donut hole”.

Different Companies, Different Offerings.

The government guidelines are the minimum that Medicare Part D plans must offer, but many offer more, including some that provide a certain amount of coverage in the “donut hole” period, something that can be invaluable to an individual who takes a great deal of life sustaining prescription medications (diabetics for example.) Monthly premiums vary from plan to plan, as do the drugs that are covered and the co pay that a patient must make. The whole process of choosing between Medicare Part D plans can be very confusing for many seniors and it may be best to enlist the help of a licensed insurance agent when making the choice.

Medicare Part D Plans are Different.

When shopping for other kinds of health insurance a consumer may look at the monthly premium as the primary way to choose between offerings. The key to getting the most out of Medicare Part D plans is making sure that the medications you take are covered under the plan’s formulary. Each company has their own drug formulary, a list of the medications they cover and at what level. When considering a certain plan you should look up the drugs you currently take and see if the level of coverage meets your needs. There is little point in purchasing a plan if it does not cover your particular needs and again it may be very helpful to enlist the help of a professional when comparing the drug formularies of the many Medicare Part D plans on offer.

JM-07-2012