Medicare Part D Explained: Coverage, Costs, Enrolling (2024)

➡️ Medicare Part D coverage, costs, and enrollment (SECURE):

Medicare Part D Explained: Learn what is Medicare Part D, what Medicare Part D covers, how much Medicare Part D costs, and how to apply for Medicare Part D. #medicarepartd #medicarepartdplansexplained #turning65

00:00 Introduction
00:21 What is Medicare Part D?
00:51 Medicare Part D eligibility
02:26 What does Medicare Part D cover?
03:28 Prescription drug plan formulary
04:59 Prescription drug plan tiers
05:43 Pharmacy selection
06:29 How much will Medicare Part D cost?
06:46 Prescription drug plan premium
08:26 Medicare Part D IRMAA
09:37 Deductible and coinsurance
11:31 "Donut hole" or coverage gap
12:17 Catastrophic coverage
13:01 Medicare Part D Extra Help
13:38 When to enroll in a prescription drug plan
14:53 Part D late enrollment penalty
16:03 When to make a prescription drug plan change

More to read:

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If you’re new to Medicare, you’re likely thinking the same thoughts as millions of others: What if I don’t make the right choice? What if I don’t enroll in the right plans? Connie Health created a new-to-medicare checklist to help you avoid costly mistakes.

You can review and make plan changes for the upcoming year every year from October 15th to December 7th. We recommend that everyone do a plan review because your plan changes every year, and your health or budget needs may have too.

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[RavenCall]

This is so helpful! It’s so worth it to get part D coverage even if you don’t take any prescriptions, to avoid a late enrollment penalty. Thank you for the info!

[ritabancroft]

Wow! An Agent had never helped me delineate between standard and preferred retail pharmacies, so helpful!

[RhettBeeson]

On top of all this great info, one thing I’d like to add is that there are special plans designed for those dealing with chronic illnesses. These Chronic Special Need Plans (CSNP) usually have a specialty 6th tier in which some of the more costly medications to treat chronic illnesses will fall under saving you significant amounts of money throughout the course of the year on your Medications. The best thing about CSNPs is you can enroll into them year round as long as they are available in your county! Changing plans mid year can also benefit you by keeping you in the initial coverage phase longer as well as the enhanced benefits that come with CSNPs!

[judievictor]

Another helpful video about Medicare Part D coverage and prescriptions. I will get my list of prescriptions ready to go over with my agent.Thank you

[CharlesMcMillan-lysw]

Great information as this can be very confusing for those new to medicare..

[abigailedelman]

How do I check which plans cover the drugs my parents take?

[mjohns]

PLEASE explain HOW to "bundle" an Adavantag plan with Part D. How do I tell Medicare I have an Advantage prescription plan?