Understanding Medicare Part D Plans

There are two ways that you can use your Medicare Benefits - a Supplemental Plan, or an Advantage Plan. When you choose to use Original Medicare along with a Supplemental Plan, you are going to want to add a Part D Drug Plan as well. In this video we are going to give you all the insight you need to ensure you can make a confident decision for your Drug Coverage.

In this video we will cover the following topics:

1. Are all Medications covered by Medicare?
2. What is the plan Formulary?
3. Can I still use my Co-Pay Card?
4. Can my Out-Of-Pocket Expenses change over time?
5. What are the 4 Stages of Medicare?
6. What is an ANOC?

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[Lysander-Spooner]

Some plans have higher premiums and NO deductible. Also, the Medicare Plan Finder lets you enter and save all your drugs and then do a comparison that shows what you would pay. It ranks the plans from lowest annual cost to highest.

[YouTubist]

I have been watching many of your videos and am learning a lot. Thank you for putting these out there. Question: I'm a newly minted medicare citizen (Sept. 2022) and signed up for an advantage plan. I am looking to change to a Supplemental plan (within a year to avoid underwriting). How does the AEP for Part D affect my decision on when to switch.

[johnkrisanneohs]

Are you required to purchase a part D? Will you be penalized if you don't get one when you turn 65? And is the enrollment period the same as 1st time enrollment for Medicare?

[donm]

My question on the part D plans are, I am just turning 65 in 2023, so I plan on going with plan G and then add a prescription drug plan, I have always been relatively healthy, So I don t take any medications, so for now and the near future I hope I wont need any prescription drugs, As far as choosing a plan when I am currently not taking any medications do you have any suggestion in my case for a preticular plan since I am not taking any medications .

[marykatecavanaugh]

Your display reads October 15-December 17 instead of -December 7

[donnadechirico]

I really wanted to get original Medicare with a Medigap plan plus a part D. However, my migraine medication that I take monthly would’ve cost me $6000 a year with my Medigap and my part D plan. Therefore, I had to go onto an advantage plan because even if I hit max out-of-pocket on an advantage plan, it would’ve been less than $6000 for original Medicare with a Medigap on the part D. I suggest people are very careful to make sure they check their medication’s before they make a decision as to whether go with Medigap or an advantage plan.

[decerinauy]

What drug plan covers asthma medication?

[favoredone]

I sell Medicare Supplements and Part D is still confusing to me so to think about what Seniors go through is quite baffling... Wow

[mattrivers]

During the open enrollment period do you need to go through underwriting if you wish to choose a different Part D plan?

[shade]

Often group plans have 2 stages. I see more and more plans implementing deductibles for their group members.

[sylviabargas]

When you switch Part D plans, do you need to go through underwriting, as with the Medigaps? Can the Part D plan turn you down, or do they have to take you?

[Nemo-ynsp]

Ridiculously complicated. I doubt anyone's happy when they hit stage 4, they're probably near death.

[Republicanmouse]

Donut hole doesn’t exist after next year.

[dkd]

AEP ends 12/7, not 12/17 as shown in the chart. Think "Pearl Harbor Day".

[dredding]

Please slow down. Dont speak so fast.