Understanding Medicare Part D Plans
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- Опубліковано 8 вер 2024
- There are two ways that you can use your Medicare Benefits - a Supplemental Plan, or an Advantage Plan. When you choose to use Original Medicare along with a Supplemental Plan, you are going to want to add a Part D Drug Plan as well. In this video we are going to give you all the insight you need to ensure you can make a confident decision for your Drug Coverage.
In this video we will cover the following topics:
1. Are all Medications covered by Medicare?
2. What is the plan Formulary?
3. Can I still use my Co-Pay Card?
4. Can my Out-Of-Pocket Expenses change over time?
5. What are the 4 Stages of Medicare?
6. What is an ANOC?
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Some plans have higher premiums and NO deductible. Also, the Medicare Plan Finder lets you enter and save all your drugs and then do a comparison that shows what you would pay. It ranks the plans from lowest annual cost to highest.
I have been watching many of your videos and am learning a lot. Thank you for putting these out there. Question: I'm a newly minted medicare citizen (Sept. 2022) and signed up for an advantage plan. I am looking to change to a Supplemental plan (within a year to avoid underwriting). How does the AEP for Part D affect my decision on when to switch.
My question on the part D plans are, I am just turning 65 in 2023 ,so I plan on going with plan G and then add a prescription drug plan, I have always been relatively healthy , So I don t take any medications ,so for now and the near future I hope I wont need any prescription drugs, As far as choosing a plan when I am currently not taking any medications do you have any suggestion in my case for a preticular plan since I am not taking any medications .
All depends on your zip code, all plans are different and are based on where you live. Aetna silverscript will probably be your go to. This plan is typically around seven dollars but again it’s hard to say because we need your ZIP Code.
@@MedicareSchool I am in 65676 area and after doing more investigating will probably get a middle of the road plan just in case
Are you required to purchase a part D? Will you be penalized if you don't get one when you turn 65? And is the enrollment period the same as 1st time enrollment for Medicare?
I really wanted to get original Medicare with a Medigap plan plus a part D. However, my migraine medication that I take monthly would’ve cost me $6000 a year with my Medigap and my part D plan. Therefore, I had to go onto an advantage plan because even if I hit max out-of-pocket on an advantage plan, it would’ve been less than $6000 for original Medicare with a Medigap on the part D. I suggest people are very careful to make sure they check their medication’s before they make a decision as to whether go with Medigap or an advantage plan.
The 4 stages of cost are factor with either Supplement or Advantage plans. If you have any questions please, feel free to give us a call at 800-864-8890 or schedule a free appointment here:
www.medicareschool.com/talk-to-a-guide?rc
Your display reads October 15-December 17 instead of -December 7
I sell Medicare Supplements and Part D is still confusing to me so to think about what Seniors go through is quite baffling... Wow
Thank you for watching, I am happy to hear you find value in our education.
During the open enrollment period do you need to go through underwriting if you wish to choose a different Part D plan?
No sir! You can switch no matter what meds you take. You just want to find a plan that’s going to best cover your new meds.
Often group plans have 2 stages. I see more and more plans implementing deductibles for their group members.
Yes, there are plans that have that.
What drug plan covers asthma medication?
When you switch Part D plans, do you need to go through underwriting, as with the Medigaps? Can the Part D plan turn you down, or do they have to take you?
No, there is no medical underwriting with Part D plans. As long as you have a valid election period for Part D, you can enroll. If you have any other questions, feel free to give us a call at 800-864-8890 or schedule a free appointment here: www.medicareschool.com/talk-to-a-guide?rc
AEP ends 12/7, not 12/17 as shown in the chart. Think "Pearl Harbor Day".
Thanks for pointing that out.
Donut hole doesn’t exist after next year.
Ridiculously complicated. I doubt anyone's happy when they hit stage 4, they're probably near death.
If members run to their doctor and demand the latest drug they see advertised in TV they will get to Catastrophic stage really fast. and even in the Cat Stage 5% of a $10,000 drug is very expensive... cannot wait for 2025 when the $2000 Cap is implemented.. Thanks Democrats!
Part D seems like a cruel joke.
My team would be happy to assist you with setting up your Medicare coverage correctly. Give us a call at 800-864-8890 or schedule an appointment at www.medicareschool.com
Please slow down. Dont speak so fast.
Hey ~ you can actually slow down the speed of the video in the youtube player. I hope this helps!
I use closed caption to help my poor hearing