What Are the Benefits of Medicare Part D?
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Coverage
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Medicare Part D provides prescription drug coverage for individuals already enrolled in the Medicare program. To obtain this benefit, you must join and choose a plan offered by a private, Medicare-approved Part D provider. If you do not enroll in a Medicare Part D Plan or in a specified Medicare Advantage Plan, you will pay full price when purchasing prescription medication. According to the Medicare website, you must have Medicare Part A and/or Part B to be eligible to join a Medicare Prescription Drug Plan. To obtain prescription drug coverage through a Medicare Advantage Plan, you must have Part A as well as Part B.
Monthly Premiums
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The federal government subsidizes a significant portion of the cost of Medicare Part D prescription drug plans. According to the Centers for Medicare and Medicaid Services, the current average monthly premium that beneficiaries pay for standard Part D coverage is $30 a month. Prescription co-pays typically range between $1 and $5 per covered prescription drug.
Part D Options
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A variety of insurers offer Part D plans at varying costs and levels of coverage. A Medicare beneficiary is free to choose the most appropriate plan based on his individual needs and has the option of switching providers and/or plans without a penalty once a year during the Medicare Part D open enrollment period.
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