Is Medicare Part D The Same As Medicare Supplemental Insurance?



Medicare participants enrolled in Medicare Parts A and B are eligible to join Medicare Part D for prescription drug coverage. Medicare currently has prescription drug plans called PDPs and qualified Medicare participants can choose from any of the approved plans. Enrollment periods for Medicare Part D is October 15, 2011 to December 7, 2011. During the enrollment period, Medicare participants can select a plan to join or change from one to plan to another. Take the time to review each of the plans and be sure that the selected plans cover needed prescriptions.

Plans

Medicare Part D is voluntary to purchase, especially if the participant has creditable coverage through other drug coverage insurance such as TRICARE, Medicare Advantage Plans, Veterans or an employer’s plan. Medicare Advantage PDP coverage is part of the plan under Medicare Part D. The Medicare participant must be enrolled in Parts A and B to enroll in Medicare Advantage Plan.

Costs

Enrolling past the enrollment period may cause the PDP premium to increase, unless the Medicare participant can provide proof of creditable coverage prior to enrolling in Medicare Part D PDPs. Depending on the PDP selected, there may be deductibles, co-pays and co-insurance, which will vary with each plan for generic or brand name prescriptions. The Medicare participant must reside in the PDP service area.

Medicare GAP

Medicare Part D has a predetermined gap coverage limit for approved prescription drugs. Once the limit is reached the Medicare participant may qualify for a 50 percent cost savings on brand name drugs. Medicare gap accepts the full costs of approved brand name drugs and apply the costs to the Medicare participant’s out of pocket spending limits.



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