Medicare Part D Explained (2022)
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- Опубліковано 30 лип 2024
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Medicare Part D Explained
How Medicare part D works. This is the prescription drug portion of my Medicare Explained video series which includes my videos titled Medicare Explained, Medicare Supplement Plans Explained, Medicare Advantage Plans Explained and How To Sign-Up for Medicare. You will find all those free educational videos, plus dozens more when you subscribe to my channel. Or, you can just type in #MedigapSeminars in your UA-cam or Google search bar.
Understanding the Medicare Part D Prescription Drug plan is important because it is one of the areas of Medicare where you, the consumer can make some of the most expensive mistakes in Medicare. I am going to help you avoid those mistakes in this video.
There are four different ways you can be prescribed a medication. How your medication is prescribed and administered will determine which part of Medicare is responsible for payment.
First, you can be prescribed medication when you are an inpatient in a hospital.
Second, you can be prescribed medication that is administered by a medical professional at a medical facility.
Third is a concept called Brown Bagging and White Bagging prescriptions.
The fourth way to be prescribed medication is when your doctor writes a script and you pick up that prescription at a pharmacy or via mail order and then self-administer the prescription. This could be a pill, a self-injectable pen, an ointment an inhaler and so on. You pick up the prescription and administer it yourself. Prescriptions of this nature are covered under your Medicare Part D prescription drug plan.
Part D Plan Characteristics
The first thing you need to know about Medicare Part D prescription drug plans is that all Medicare Part D plans end on December 31 of each and every year. These are one-year, calendar year plans. Whenever you get a plan your commitment to the insurance company and the benefits they promised in the policy are just until December 31.
The second thing to understand about Medicare Part D plans is that every plan is different. They are the exact opposite of a Medicare supplement plan. As you may already know depending on where you are in your research, the benefits of a Medicare supplement plan are standardized to be identical from one insurance company to another and can never change. It is not that way with Part D prescription drug plans.
Medicare Part D plans are regulated to meet certain minimum requirements. For example, they all must cover a minimum of two drugs from every category. That means at least two high blood pressure medications and at least two statins for cholesterol and so on. In addition, they must cover all or substantially all the available prescriptions from six protected classes. The protected classes are immunosuppressants, antidepressants, antipsychotics, anticonvulsants, antiretrovirals and antineoplastics, which are medications used treat cancer and more commonly referred to as a chemotherapy or anticancer prescriptions. (antineoplastics)
Enrollment Periods
Next, we are going to cover enrollment periods.
Understanding the enrollment period is critically important because you cannot just enroll in a Medicare Part D prescription drug plan whenever you want. Missing an enrollment period is one of the most common mistakes made with Medicare Part D. This is because many people are focused on their Medicare supplement and don’t realize that the Medicare supplement and Medicare Part D enrollment periods are completely different.
Let’s take a closer look and hopefully make some sense out of these rules.
It is easiest to understand enrollment periods for Medicare Part D prescription Drug plans when you categorize them.
First there is an Initial Enrollment Period. This is your first enrollment period when you are first eligible for Medicare. For most of us that is the period when we are just turning 65.
A second group of enrollment periods are Annual Enrollment Periods. These happen every year, year-in and year out. They are based on a calendar year period.
Last, but not least are Special Enrollment Periods. A Special Enrollment period is triggered by an event. It can be an event you initiated or an event that was forced on you and is involuntary. That creates a Special Enrollment Period.
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I have been doing a considerable amount of research on Medicare Supplements and the Part D Prescription Plans. This can be daunting if you rely on the Government website or booklet, not with intent but lacking so many variables. This video along with the many videos on the entire Medicare process have been indescribably helpful. I will note, I am not a one source researcher and have read or viewed so many publications/videos that I can say with close certainty this/his videos are informative, fact on and unbiased - more so, understable , true and unbiased. Much appreciated, THANKS!
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I am a licensed health and life broker. After many videos on Medicare, I have found that this one has been the best to view. It is informative without trying to sell you a particular insurance plan
You just saved me! I am 67 yrs. old and was just laid off from my job. I thought I could use COBRA for 8 months. I didn't realize the special enrollment period for the drug plan was different than the supplement plans. I need VERY expensive drugs and I would have lost my drug coverage for 6 months. This saved me about $50,000! Thank you so much!
You are very welcome. Thank you for letting me know. It means the world to me.
I'm a plan N. I love to save money as long as the quality is decent
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Never been called a Mr. Rogers before. I remember his shows. Thank you.
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Finally a source of information on Medicare that I can understand.
Whether you currently are a Medicare D recipient or are looking to renew I highly recommend watching Matthew's video's and guidance. i was fortunate to find him 2 years ago when I turned 65 . This whole Medicare and supplemental process is so complicated and overwhelming. Mathew explains things in a such simple and understandable manner. God bless you Matthew and pls. continue to do the good work.
Thank you Sandra
Thanks very much for helping me to better understand the quagmire that Medicare is. So many pitfalls await us.
Matthew, I am 5 years away from enrolling in Medicare but started watching your videos so I could learn more and prepare. Your videos on Medicare and Supplemental Plans are so informative. I will be sharing with friends and relatives. Thank you so much!!!!
Man, am I ever glad I watched this! Thank you.
Wow..A wealth of knowledge! Thank you Mr.C!!! These informative videos, are EXACTLY, Why I have Chosen You, and Your Team, To be My Agents... You are Helping me, and others, to Navigate, through these, vast & previously UnCharted Waters, that I'm in, as I approach this Daunting Medicare Leviathan! Again, Thank You! You Shine a Light, into the Darkness, and keep us from Shipwrecking, on the Rocks...Amazing...
I am only half through listening to the information provided here. And I am very impressed.
This is by far THE BEST channel I have seen on UA-cam regarding MEDICARE.
Thank you 🙏
Thank you Sima
You sure make this easier to understand. You have a fine speaking voice, easy to listen to.
Thank you Charlie. I appreciate your kind words.
Thank you for being so clear and to the point!!!
Matthew, great video! Thanks for simplifying.
This is such a clear explanation. Thank you very much.
Thank you Matthew. This is so helpful.
Every Medicare D recipient should access this video every year before choosing a Part D drug plan. Video provides best explanation of details that anyone can access. Thank you for the detailed explanation every step of the way.
Thank you so much for your comprehensive explanation of Part D coverage: you were very thorough and clear in detail. I especially appreciate that you spoke at a comfortable pace. I have watched several of your videos and found them to be very informative.
Thanks Brother. Appreciate the help! Stay well, much love.
Very interesting and well explained. Looking forward to Part 2 and your web site to be up and running.
This video, as well as the other 3 dozen videos I have watched; are very easy to understand, and he takes the frustration and confusion out of your Medicare choices.
This was the most clear and informative video on Part D prescription coverage that I have viewed. I'm feeling much more comfortable now as I move forward in the decision making process. Thank you!
Thank you for this video!! I’ve been reading mounds of material, & have watched a couple video. I’ve still been so confused! Then I can across your videos, and you have helped me understand so much!! I don’t feel so intimidated like I have for the last 6 months, as I’ve come up to my deadline to choose. Thanks again!!
Thank you for sharing. Great video, as usual!
You are welcome Chuck. I will have several more out during this AEP
Really well done and presented clearly. Lots of good information. You can learn a lot and make a good decision.
Thank you so much for the very important information about Medicare part D🙏🏽
Thank you so much. I truly appreciate you explaining this complicated information.
Your seminars are so simple and helpful. Thanks so much. They are the best so far.
This made a lot more sense that anything else I've been told will b checking web site and calling thxs so much
All of the Medigap videos have been very helpful in understanding transitioning to Medicare.
Your knowlege and presentation is exceptionally good. You're really really a natural teacher. I appreciate you and I thank you for that.
Thank you very much for such a complete and easy to understand explanation of Part D ....very helpful.
This has been very helpful and well explained in details. I never realized how many mistakes and wrong decisions could cost me so much money. Thanks and keep sharing.
This is such a comprehensive video. I spent hours researching. Here is info all in one place
Thank you. Yes it is comprehensive, more so when you include Part 2.
Valuable information presented in a clear, comprehensive format. Thank You!
My wife and I have been working with this group as we enter Medicare. A wealth of information provide at no cost and helpful filtering of the many plans to suit our need. Kudos! Matthew and team.
Thank you David. We work hard to make sure you are in the right plan for your needs and your budget.
Matthew Claassen did a terrific job explaining Medicare part D coverage so that I could understand it. Thank you so much! I appreciate you!
Great video! Thank you for simplifying.
Your presentation style lends itself well for me to easily follow and take notes as you spoke. Thank you.
I've watched three or four of Matt's videos and have learned a lot that confused me. A really good guy at explaining the byzantine world of Medicare, et al.
Thank you for explaining so clearly.
Matthew always has great updated information.
I am so thankful to you and your wealth of information about the different parts of Medicare. I am enjoying your videos.
So thankful for your videos, I think I'd be lost without them.
Very well explained and understandable, very helpful! Thank you.
What a nice man. Whoever this fella is, he's good at explaining complicated things.
Thank you. I'm 60 and I'm starting my research now to educate myself before it's time to apply in a few years. Don't want to wait until my 65th birthday to try to navigate this stuff. You did a great job explaining, I now understand better cause I had no idea. I've subscribed to your channel and I'll be waiting for more of your videos. 👍🏾
Very well done, full of valuable info. I am starting Medicare in a few months and this is so helpful.
Very informative, will delve into your other videos! Thank you.
Thank you. I have looked up many information on Medicare and still confused. Your videos were very much informative and I understand so much more after listening to you.
Thank you for taking time to explain the part D. I called Medicare to see if i have it and they said i did but I'm not sure I've ever used it and was never issued a card for it. I have a supplemental insurance bc/bs that i use for my scripts. I picked up my scripts today. My part with 2 insurances was still 158.00 for 6 scripts.
Great video as always Matthew.
Great information! I honestly don't think I could have gotten through all the information without your videos!! Thank you!
Easy to follow information. Just getting started. I have a lot to learn in a very short time. thank you very much.
Great video explaining Part D coverage which can get complicated. I enjoyed Matthew Clawson's delivery.
What a tremendous amount of information. I think I will wait a few days and watch it again.
Thanks for the help!
You are very welcome. See Part 2 of this video here: ua-cam.com/video/YnXf7dXeJUY/v-deo.html
You're a godsend! You explain everything so clearly and expertly! Thank you!!
You are welcome!
Yours are the most educational videos on these topics. Thank you.
You are very welcome Steven
These are no BS, straightforward, thorough reviews of the facts I need. Thank you!
You are welcome Van
Very good explanation of Part D, which I found to be a bit confusing. Thank you for clearing things up.
Thank you for your excellent explanations that help us to better understand this tangled web of Medicare.
These Videos About Medicare are easily understood. Matthew explains everything in detail and really helps me understand Medicare
Thank you for your time and explanation. The video answers lots of questions.
Very informative. We would not have been able to make the best choice without these videos. Thank you from the bottom of our hearts. Angelica & Malcolm
I feel much more confident choosing a part D plan after watching your videos. Thanks!
My thanks to you for clarifying so many areas of the prescription part D, (great job)
You are very welcome Willie
As a person who is training to work in the medical field, I find your videos so enlightening on critically understanding Medicare to make the best choice for consumers!
I have been learning a lot of great info from this video and your other videos. Looking forward to the final signup with your staff.
Your video has been so helpful - thank you so much for breaking it down
This was the best info & so much easier to understand some of this part D stuff thanks so much.
Never mind the comment about difficulty finding it. I just saw it on this page. Thanks again Matthew for these amazing video tutorials!!
I’ve spent this evening watching your videos, and it’s well worth it. I’ve been on Medicare for years, and it’s been an annual hassle to get my brand Rx approved. So this year, I decided to get different plans, but didn’t understand the root of my problems. Medigap finally explained it all. I want to send an email to your organization for advices. Good job. Thanks.
You are welcome Guy. I am glad I could help.
Thank you very much for these videos. They are a big help. I plan to visit your PartD shopper site.
Very useful and easy to follow explanations on Medicare part D program. Will apply recommendations and follow the next video. Thank you.
I am so thankful for your videos! This can all be so overwhelming! Thank you!
Thanks...very helpful. The explanations are concise and easily understood! Thanks.
Hey Matt, your videos are so informative. I give you three " thumbs up " !!
Thank you so much for the wealth of information. Had no idea how complicated Plan D was. Highly recommend this for all to watch.
You are welcome Alison. There is more if you wish. There is Part 2 of this video and 40 other videos on Medicare - click here #MedigapSeminars or here #NewToMedicare
Thank you for explaining Pars D plan where I am able to finally fully understand
Thank you for explaining Medicare part D plan. You made it so simple to understand now I can rest my brain. Great teacher you are!
Thank you Regina
Thank you Matthew for this very informative video on Medicare Part D
Thank you, I Learned things I never knew
You are welcome Maria
Good info, clearly presented.
I am in full panic 65 in April . You are calming... but I am so overwhelmed
I've watched this video twice because it is very complicated to fully understand the process. I will be applying for Medicare in September 2023 so I have been getting informed. I will definitely go with people like Matthew to guide me through this scary time. thank you for your help!!
Thanks, your seminars are always clear and helpful.
You are welcome Robert
Very well explained!
I am so glad I found you on you tube. You are great. I have been watching you and had learned so much just on one video. Thank you! I will watching all videos. You are doing great !
You are welcome Cathy. Please feel free to reach out to my office if you would like personalized recommendations. My services are free to the you, the consumer. We help people in every state except Massachusetts. 800-847-9680
You are awesome. Thanks for making this easier to understand.
Thank you for time making these videos! They are very helpful.
Very helpful ! Thank you 🙏🏼
I appreciate so much your thorough explanation. I learned a lot. You speak slowly and deliberately that i'm able to keep up. Thank you
Thank you, Matthew. This is extremely informative and useful information on Part D. I am nearing 65 and have watched 7 of your videos in the past 2 days and find them excellent -- Far better than other sources I've encountered.
Very informative. It helped me determine my 2021 Part D plan.
Very helpful! Helps clear up some things I was confused about or did not even know about.
Very informative. Anything run or administered by the government is inherently confusing because of multiple layers and sublayers of regulations, restrictions, and penalties. This video (and others like it) explains in plain English what should be considered when shopping for a suitable plan. All information presented is easy to understand and digest. The speaker’s cadence is perfect for note-taking and comprehension. I won’t listen to any agents who are driven by commissions. Remember, working with a broker like this one (not an agent) has your best interests in mind, not his wallet.
Boy this helped a lot! I am trying to figure this all out for myself, my husband and my mother. I am sorting it out, but there is a lot of important elements to medicare. Thank you so much for your videos. I feel much more confident, however I have decided I am going to give you a call too. Thanks again.
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Matt, Thank you for all the quality info. Now on to part 2.
Very clear description *****FIVE STARS*****. The time I spent watching this video was worth every minute.
Most of us don't have the "coffee machine" conversations or lunch-time discussions about healthcare plans since we are retired - this did a good job of explaining the finer points.
Thank you for the kind words. You can find other Part D videos here partdshopper.com/ and Medicare videos here medigapseminars.org/new-to-medicare/