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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 Enrollment Timeline

Approaching Your 65th Birthday?

Your enrollment period for Medicare part D occurs once you have turned 65. It is a period of 7 months where you can join the policy. Three months prior to your birthday month, three months post your birthday and the month including your birthday date.

If you fail to enroll when you have turned 65, you may require paying a late enrollment penalty. The penalty is calculated once you have joined a Medicare Part D plan.

The penalty is one percent of the premium amount and it is then multiplied by the number of full months that you didn’t join. The penalty is added to the monthly premium on a regular basis.

Medicare Part D Insurance and its Enrollment Period:

Medicare Part D Enrollment

The timeline to enroll with insurance coverage of part D is well defined. There are three enrollment periods that one can choose to join from. They are:

Once enrollment is complete, accounting of benefits becomes a quicker and easier process. These premiums are deducted directly by the plan on a monthly basis. All one needs to do is present a plan-issued ID card and get the prescribed drugs.

If there are any deductibles to be made then the subscriber has to pay for the full cost of the drugs. The full cost is still lower as compared to the actual bill.

The membership of each plan expires at the end of the calendar year. Part D comes with a feature of auto enrolling so one doesn’t have to worry about renewing the plan every year. One is advised to review the policy and terms and conditions of renewal before the policy is renewed.

Medicare Part D Insurance and the Drugs in the List:

Part D plans are known as insurance coverage against the costs of prescribed drugs. They are catered to reduce the burden of high costs incurred. There are certain drugs that are included and excluded from the list. They can be defined by law as:

Covered Drugs:

Medicare Part D Formulary

Uncovered Drugs:

The list of drugs can be confirmed on the formulary as each plan may cover different sets of drugs.

Medicare Part D insurance plans have a special part to offer called EXTRA HELP. Extra help feature has been added as a helping hand to the people who have a low income. One can save a great deal of money, if qualified.

If one is qualified for Full Extra Help then one would receive insurance coverage throughout the year and would require paying a smaller amount for prescriptions. There is no Doughnut Hole under Full Extra Help.

If one qualifies for Partial Extra Help then one is eligible for insurance coverage all round the year with reduced premiums and deductibles at approximately 15 percent of the cost of drugs.

There are four levels under Extra Help:

Medicare Part D Insurance Plans and ‘The Doughnut Hole’:

One of the most contestable elements of Medicare Part D Insurance plans is the amiable sounding “Doughnut Hole”. Also known as the coverage gap, it is the vague severance of benefits that the plan has to offer. Once reaching the hole the subscriber should pay the entire cost of drugs purchased.

In order to skip the doughnut hole, then either should refrain from going beyond $2,500 purchase or should cross the upper limit of $6,500. Should you fall into the hole, then the estimated cost that you might have to pay from your pocket is $5,000.

Medicare Part D Donut Hole

The news of exigency (falling in the hole) during the holidays or at the end of the year may be a shock to many seniors. Medicare Part D insurance plans do need to send the monthly statements of accounts, but they often get lost in the bills.

The main operative maxim that can be used to save one’s self from falling in the hole is of ‘Forewarned is Forearmed’. One can always avoid or can delay the loss of benefits of the plan if switching of drugs is done in proper time.

Medicare Part D insurance plans are indeed an important plan for the senior strata of society, but it can be awfully confusing and a pitfall for those who are unwary. It is advised for senior citizens that they conduct proper research and focus on every minute detail, and then they should be able to make their plan work for them and provide them with their required benefits.