How does Medicare Part D work? When you don't understand Medicare Part D plans, it can be costly. Did you know that 75% of Medicare beneficiaries are on the wrong prescription drug plan? They either shop by brand, by premium, or just make assumptions about their plan. Welcome to Understanding Medicare!
In this episode we are going to talk about how Part D Prescription Drug plans work. We will cover formularies, the stages you can go through and even about the infamous “Donut Hole”. We will also cover pharmacy networks and how to choose the right plan so you can save the most money. If you would like help finding the right plan, please visit: https://bondinsurancesolutions.com/rx-drug-lookup-form/
💠Medicare Extra Help is an often overlooked benefit offered by Social Security. If you are a single person with income less than $19,140 AND assets less than $14,610, you may qualify. For married couples, the income limit is $25,860 and the asset limit is $29,160. (These limits are different for those who live in AK or HI). For more information or to apply, please visit: https://www.ssa.gov/benefits/medicare/prescriptionhelp.html
Be sure to "Like" and "Subscribe" to our channel for upcoming videos from our "MEDICARE EXPLAINED IN 2021" series. In this series we'll tackle the tough questions concerning Medicare and break it down for you into easy to understand sections.
👉 If you have other questions about Medicare, please check out other videos or visit our website at https://bondinsurancesolutions.com.
👉 If you would like a free, no-obligation consultation, you please visit: https://calendly.com/agentbond/medica...
Important MEDICARE Links:
💠To Enroll in Medicare (call 800-772-1213) or visit:
https://www.ssa.gov/benefits/medicare
💠If enrolling in Part B after age 65, you will also need this form:
https://www.cms.gov/Medicare/CMS-Form...
💠...AND this one for employer verification (if you had group benefits): https://www.cms.gov/Medicare/CMS-Form...
💠Medicare's Official Publication about how Medicare works "Medicare and You": https://www.medicare.gov/sites/defaul...
Chapters
0:00 What are Part D Prescription Drug Plans
1:10 How can I get part D coverage?
2:00 Do Part D Plans Cover all medications?
2:39 What are Formularies and Tiers? Why they matter.
4:11 What are Part D Stages?
6:50 Medicare Donut Hole Explained
8:18 Catastrophic Coverage Stage Explained
11:00 Get the Help you need with Low Income Subsidy (also called "Extra Help")
12:46 Why it's important to make sure your pharmacy is in the plan's network
13:24 Two BIG mistakes to avoid when choosing a plan!
14:45 Other Part D Features
17:02 Can I get an exception, please?
18:05 When can I enroll in a Part D Plan?
19:53 Medicare penalties? Part D penalties and how to avoid them
21:32 How to Choose the Right Part D Plan for you
22:47 Never get married to your Part D plan; take advantage of the annual enrollment period (October 15-December 7 each year)
25:40 How we can help you for free!
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