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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

Rx Program

medicare part a plan

How To Choose A Rx Program

Medicare Part D Rx programs are not that hard to spell. The only thing that you ever need to know is that Part D plans are for Medicare beneficiaries who want to save on their drug costs. Admittedly, however, it is much harder to choose the right Medicare Part D Rx program that would cover all your prescription drug needs. 

Beneficiaries of Part D Low Income Subsidy can choose to change their plans year round, as often as once a month.

Although Medicare Part D plans can be roughly classified into Medicare Advantage Plan with prescription drug coverage (MA-PD) and stand-alone Prescription Drug Plans. But under these two broad classifications there are actually many plans that you can choose from. Think about it: there are at least 17 Part D programs that are available nationwide. And in some states, there can be as many as 100 different plans from 50 different providers.

Just how should you choose a Part D Rx program? Although there are no hard and fast rules, you should always base your decision on your commonsense definition of your actual needs and your budget. This may sound easy enough, but the fact is, many Medicare beneficiaries have been led into buying Part D plans that do cover all their prescription drug needs. Why this is happening all boils down to two things:

(a) the Part D plan providers have the penchant to aggressively market their products,

(b) Medicare recipients do not take the time to read their prospective plan’s formulary (or list of drugs covered).

Medicare Part D programs are not created alike. There are basic plans that offer the standard insurance coverage benefits set by the Centers for Medicare & Medicaid Services (CMS), and then there are plans that offer the minimum benefits plus some other benefits.

With 2012 Part D plans, for example, there is the MedicareRx Server that charges low monthly premiums and co-pays with a $270 annual deductible. The MedicareRx Preferred charges mid-priced premiums for predictable co-pays and no deductibles. The MedicareRx Advanced, meanwhile, has predictable co-pay and no deductibles. It also covers Tier 1 generic drugs in the donut hole or Medicare coverage gap. The plan also offers discounts to drugs not covered by Medicare Part D.

In 2012, the standard benefits of Medicare Part D will change for 2012. The initial deductible for all basic plans is set at $295 while the initial coverage limit is set at $2,700. There may be some changes to the plans’ formularies too.

You should check to determine if your existing Part D plan still matches your needs, or if a new plan should be ordered. Take note, you will not hear from the Part D plan providers on their 2012 plans until October 1, 2012, which marks the beginning of the marketing period for all Part D plans.

For regular Medicare subsidiaries, you should elect a plan, or choose to retain your old plan, from between November 15, 2012 to December 31, 2012.