If you have Original Medicare (Part A and Part B), you have to add prescription drug coverage or you will be forced to pay for medications out of your own pocket. To avoid this, you need to purchase Medicare Part D coverage in Michigan. You can also get a Medicare Advantage Drug plan if you prefer to bundle your healthcare and prescription drug coverage in one plan. Look at your options before choosing the best plan for your needs.
Original Medicare (Part A and Part B) offers hospital and medical coverage. You will get limited medication benefits with Original Medicare. If you receive medications at a skilled nursing facility, your Part A benefits will cover it. Part B will cover mediations received at a hospital, as well as infusions and vaccines. However, Original Medicare will not cover the prescriptions you take at home.
You can add Medicare Part D coverage to cover your prescription costs. These plans are not offered by the federal government. Instead, private insurers that have been approved by Medicare sell Medicare Part D as a standalone policy. Medicare Part D coverage in Michigan works alongside Original Medicare instead of being part of the same policy.
Medicare Advantage plans are sold by private insurers that have been approved by Medicare. These plans must offer the same benefits provided by Original Medicare, but many offer additional features, as well. For instance, Medicare Advantage Drug plans are very popular. These plans include prescription drug benefits, along with medical and hospital insurance. Some plans also include vision and dental care, wellness benefits, and more. It’s wise to compare the different plans before settling on one.
You must enroll in Medicare Part D coverage during an enrollment period. You are eligible to enroll during one of these periods if you have Medicare Part A and/or Part B. You must also live in an eligible service area.
If possible, it’s best to enroll in Medicare Part D coverage during the IEP. If you are enrolling when you turn 65, your IEP begins three months before you turn 65 and will end three months after your birthday.
If you are receiving Medicare due to a disability, you can enroll in Medicare Part D three months before the 25th month of receiving disability benefits. The period ends three months after the 25th-month mark.
The Annual Election Period is from Oct. 15 to Dec. 7 every year. During this time, you can change your plan and/or sign up for Medicare Part D coverage in Michigan.
If you have a Medicare Advantage plan and prefer to have Original Medicare and Medicare Part D as separate plans, you can make the change during the disenrollment period. It starts on Jan. 1 and ends on Feb. 14.
Did you lose prescription drug coverage due to circumstances outside of your control? If so, you can get Medicare Part D during the Special Election Period. This period is available throughout the year as long as you meet the criteria.
If you do not have Medicare Part D or creditable prescription drug coverage for 63 consecutive days or more after the IEP ends, you will be charged a penalty when you purchase a Medicare Part D plan. The penalty will be assessed once you sign up for Medicare Part D coverage in Michigan. The longer you go without creditable coverage, the higher the penalty will be.
The number of months you go without coverage will be multiplied by 1 percent of the national base beneficiary premium. The premium can go up each year, but it is $33.19 in 2019. One percent of $33.19 is 0.3319. If you were to go 12 months without creditable coverage, that would be multiplied by 0.3319 to get $3.9828. The number would be rounded up to the nearest $0.10, so your penalty would be $4. The penalty will be added to your monthly premium.
Avoid this by getting Medicare Part D coverage during the IEP. If you missed the IEP, get coverage soon to limit the amount you’ll pay in penalties.
Prescription drug coverage is essential, so don’t delay. Get the help you need selecting the right coverage by calling 844-903-4406. A licensed insurance agent will gladly help you with the process.