Medicare Part D (Prescription Drugs)

Medicare offers prescription drug coverage for everyone with Medicare. This is called “Part D”. This coverage may help lower prescription drug costs and help protect against higher costs in the future. It can give you greater access to drugs that you can use to prevent complications of diseases and stay well.

If you join a Medicare drug plan, you usually pay a monthly premium. Part D is optional. If you decide not to enroll in a Medicare drug plan when you are first eligible, you may pay a penalty if you choose to join later. These plans are run by insurance companies and other private companies approved by Medicare.

There are two ways to get Medicare prescription drug coverage:

• Join a Medicare Prescription Drug Plan (PDP) that adds drug coverage to the Original Medicare Plan, some Medicare Cost Plans, some Medicare Private Fee-for-Service Plans, and Medicare Medical Savings Account Plans.
  
• Join a Medicare Plan (like an Advantage Plan - HMO, PPO, PFFS) that includes prescription drug coverage as part of the plan. You get all of your Medicare coverage through these plans, including prescription drugs.

If you have group coverage that includes Prescription Drugs, you may not need to join a Medicare Prescription Drug Plan. Check with us or with your company to see if your Prescription plan is considered “creditable” before you do anything.

Finding the right Prescription Drug Plan can be difficult. Each plan is different. When you choose a Medicare drug plan the first time, or switch to a different plan, you should compare the plans in your area and choose one that meets your cost and coverage needs. Not all plans cover the same Prescription medications. You want to be sure that the plan you choose will cover most or all of your prescription needs. You can change Prescription Drug plans every year during Annual Enrollment between Nov. 15th and Dec. 31st.

If your Prescription Coverage is part of your Medicare Advantage plan, changing Prescription coverage will also end your health coverage.

At OFM, we can compare Medicare prescription Drug coverage for you or help you navigate the Medicare web site to do your own comparison. Andrea Corbin, Director of our Senior Division of OFM was the first to be interviewed by KCMO Talk Radio about the Prescription Drug Plan legislation when it was signed into being in November, 2003. We can help you make the right decisions on your Prescription coverage.

To receive a quote on Medicare Part D coverage, click here.
If you would like to speak to an OFM Benefits Consulting representative about Medicare Part D, click here or call 888-293-7923.

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