MEDICARE PART D
Medicare Part D is a benefit for help with payment of some of your prescription drugs. This is provided by private insurance companies. Basic Medicare coverage has no Part D section. The standards of service and coverage are set by Medicare to help standardize the plans available. The companies providing this coverage are contracted to Medicare for their participation. While having a Medicare Part D plan is optional, failure to participate when first eligible may result in future higher premiums or even penalty assessments. Willamette Valley Benefits is available to help you with deciding which drug plan fits your needs best.
Costs for Medicare drug coverage
You’ll make these payments throughout the year in a Medicare drug plan:
- Yearly deductible
- Copayments or coinsurance
- Costs in the coverage gap
- Costs if you get Extra Help
- Costs if you pay a late enrollment penalty
Your actual drug plan costs will vary depending on:
- The drugs you use
- The plan you choose
- Whether you go to a pharmacy in your plan’s network
- Whether the drugs you use are on your plan’s formulary
- Whether you get Extra Help paying your Medicare Part D costs
If you feel you may qualify, or if you would like to find out how to apply, please contact our office at 503-659-5566 or toll free 1-888-944-4644. We are happy to help you in this process.