My client Jennifer signed up for a Medicare Supplement when she turned sixty five. Jennifer opted not to own a Medicare Part D Prescription Drug Plan. She was not taking any prescription drugs, and was in excellent health. Three years later, Jennifer was diagnosed with an autoimmune disease and needed four prescription medications. It was two months after the Annual Election Period. Unfortunately, Jennifer was not eligible for the Part D Prescription Drug Plan at that time. She would have to wait nine months for the next Annual Election Period. It ended up costing Jennifer almost $4,000 for the prescription medications.
I advise anyone turning 65 to own a Part D Prescription Drug Plan. We are all vulnerable and never know when something unexpected will happen and we will need this benefit.
Medicare Part D is an insurance policy you buy from a private insurance company to help pay for the prescription drugs you use. You may sign up for this plan when you turn 65, or during the Annual Election Period which is October 15th – through December 7th.
All plans are not the same, and vary by cost and by their list of specific drugs covered. Each drug plan decides which pharmacies plan members may use. Some plans offer nationwide coverage and some plans offer mail order services so you can have drugs mailed to your home. Each Medicare Part D plan has a service area where it operates. You must live in a plan’s area to join it. I will be glad to answer questions about this type of plan and your particular needs.
