Peachtree Insurance Advisors helps you choose the right Part D plan for your prescription needs.
Medicare Part D, also known as the Medicare Prescription Drug Benefit, covers prescription drugs through plans offered by private insurance companies. Unlike Medigap plans, Part D plans are not standardized. The letter “D” stands for drugs, making it easy to remember!
To be eligible for Part D, you must be enrolled in Medicare Part A and/or Part B.
Medicare Part D plans are optional, but enrolling even if you don’t take prescriptions is wise to avoid penalties and ensure coverage if needs arise. Insurance is about being prepared!
A penalty applies if you’re 65+ and lack creditable drug coverage. Many group plans qualify, but high-deductible plans (HDHPs) often don’t, which can catch people off guard.
It’s recommended to enroll in a Part D plan whether or not you take prescription drugs. It’s important to have this coverage in place just in case the need arises.
Peachtree Insurance Advisors uses a proprietary quoting tool and the Medicare Plan Finder to create tailored plan comparisons based on your prescription drugs, dosage, and frequency, ensuring cost-effective coverage.
Checking your Part D plan during the Annual Enrollment Period is smart. Plans change annually (starting January 1st). Changes such as premiums, drug formularies and copays are typical.
You can switch plans annually, if warranted. Otherwise, you can stay on the same Part D plan as it will automatically renew.
We ask clients to provide a list of their prescription drugs, including dosage and frequency, to find the most appropriate Part D plan for their needs.
Medicare Advantage (Part C)
Most Medicare Advantage plans (Part C) include a prescription drug plan, so no separate Part D plan is needed.
Medicare Supplement Plans
Medicare Supplement Plans do not include a prescription drug plan, requiring a separate Part D plan.
Ready to explore Part D drug plans? Fill out the form below for a free, no-obligation consultation from Peachtree Insurance Advisors.