How does Medicare Part D work with other insurance companies? Pt 1
Medicare Prescription Drug Policies Part D
If you are a Medicare beneficiary orare about to become one, you may be concerned that you are receiving MedicarePart D prescription drugs. Any person with Medicare Part B (health insurance)and/or Part A (hospital insurance) is qualified to receive Medicare Part Dprescription drugs. This is optional, but in some cases you may be penalizedfor signing up late if you do not enroll in this insurance as soon as you areeligible and opt in later. For 2020 why not get a quote at https://www.medicaresupplementplans2020.com/
Let us begin with a quick summary of the working of Medicare Part D. Part D insures prescription drug insurance by private insurance companies under contract with Medicare. You can get Medicare prescription drug insurance from 2 types of Medicare policies offered by private insurers:
A separate Medicare Part D policy for prescription drugs. This policy only insures prescription drug insurance and also works to insure Medicare Part A and/or Part B.
A Medicare Advantage Prescription Drug Policy that insures medical services and prescription drugs. This type is for people who choose to receive all Medicare benefits in a policy. There are several types of Medicare Advantage policies, such as: Preferred Provider Organization Policies (PPOs), and Health Maintenance Organization Policies (HMOs).
If you enroll in one of two types of Medicare prescription drug policy, you can pay a monthly premium to the insurance company, as well as co payments, co insurance, and, if applicable, the annual policy co payment. Some Medicare Advantage policies have only $ 0 premiums. If you have a Medicare Advantage policy or a Medicare drug policy, you will still have to pay your Part B premium.
If you delay registration for a Medicare prescription drug policy and you do not possess other insurance policies that offers “creditable” protection for prescription drugs, you may have to pay a late enrollment fee for Part D if you later register for this protection. Eligible insurance means that (on average) the prescription drugs are at least as good as those in Medicare Part D.
The late entry fee is at least 1% of the national average premium. Your premium can be added for each month you have for more than 63 days without acceptable drug insurance. In most cases, you pay the penalty as long as you receive your Medicare Part D prescription drugs.
How Medicare Part D works with other insurance policies.
You can currently have insurance policy that includes prescription drugs and ask if you still need insurance under Medicare Part D. This depends on the source of your insurance plan. Here are some things you want to examine:
Will your current insurance company coordinate services with Medicare?
If you join a Medicare prescription drug policy, will you lose your other insurance? If that be the case, does this affect your partner, spouse, or other people who might be insured by the policy?
Does your current insurance company provide on average as good, if not better, prescription drug insurance under Medicare Part D? So, is there “creditable” insurance?