If you are turning 65 years old, you might want to know more about Medicare Part D. First of all, there is nothing to worry if you are using Medicare Part A or B coverage. Medicare D is absolutely optional, it might be used with either Part A or B, whatever you have. And it is aimed at helping you to pay for drugs that are usually applied at home. The drugs that are applied in a hospital are covered by other coverages.
You might apply for Medicare D as a separate plan or as a complement to any other insurance plan you have. Moreover, it is not a must to have Medicare D at all. All depends on circumstances and your wish.
So, which details you should consider when applying for Medicare Part D plans?
Do Any Fines Apply and in What Cases if Yes?
First of all, if you want to apply for Medicare Part D, you can do it when you are 65 years old. If you do it later, there is not an issue, but in some cases, you might need to pay a fine for a late application.
You don’t pay any fee even if you apply for Medicare D with a delay if you:
- Have any insurance coverage provided by your employer;
- Have some kind of a coverage plan from Veteran Affairs.
However, if for more than 63 days you were staying without any coverage at all, you will need to pay a fine. It is usually a small sum, something like 1% of the total Medicare D cost, but still, you should consider this detail.
What Are the Costs and What Does It Cover?
You start from 450 USD per year, but the longer you use this kind of insurance, the less you pay. With time, it comes to the point when you will need to pay just 5% of the price. You should consider also that you will need to pay a monthly premium which depends greatly on your income:
- If you earn from 85 till 107 k per year, you will pay just 13 USD every month;
- 107,000 – 133,500 USD of yearly income means you will pay 33.60 USD per month in addition to a yearly fee;
- 133,500 – 160,000 USD per year means you will need to invest 54.60 USD monthly in Medicare D;
- Finally, if you earn more than 160,000 USD per year, your monthly fee is 74.80 USD.
It doesn’t matter what your plan is, these costs you can add to the yearly fee. But again, the prices depend on a specific plan you are using. If you want to compare the plans and prices of Medicare D, you can do it on our website.
All you need is to enter your ZIP and select the preferred insurance type. And that’s it, you will get the comparison of the best plans based on your request.
