Understanding Medicare Part D (Prescription Drug Coverage)
the benefits of Medicare, a significant healthcare program, that provides comprehensive benefits to retirees in order to fulfill their healthcare needs cannot be overemphasized enough.
There are several parts to the program based on specific healthcare needs including Part A, B, C, and D.
While every plan has specific advantages, it is important to understand the plan D in detail before deciding to opt for the Medicare prescription drug coverage. In this article, we are going to discuss the specifics and benefits of Medicare Part D in more detail.
Specifics and benefits of Medicare Part D
What is Medicare Plan D?
Also known as the Medicare prescription drug benefit, Medicare Part D is a specific plan of the United States federal healthcare program- Medicare. The main objective of Medicare Part D is to allow the Medicare beneficiaries benefit of subsidized rates of prescription drugs and prescription drug insurance premiums. However, it is important to note that the beneficiaries have an option of getting the
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Who is eligible for Medicare D coverage?
Anyone who is enrolled in Medicare program (either Part A or Part B) is eligible to get the Plan D drug coverage.
Furthermore, to get Plan D coverage, the beneficiary need not go under any physical examination and coverage cannot be denied based on health reasons.
Although the Plan D is optional, any delay in signing up for the coverage will being late penalty charges for the beneficiary adding up to the premiums except in case of below conditions-
Beneficiary is enrolled with other prescription drug coverage
Beneficiary is eligible to get Extra Help which means that if in case of meeting a specific income and resource criteria, beneficiary might qualify to get Extra Help from Medicare to get the prescription drug