Medicare Part D: Why Pay?

It’s that time of the year that many people are getting a lot of bills about Medicare part D and seeing a lot of commercials. There are a lot of people that are willing to blindly enroll into a plan that sounds good. Others take the time to research and find the best plan for them. While there is a lot of positive response to Medicare part D plans, there are some that want to know why they are paying for this service.

Despite the fact that Medicare part D plans have been around for more than 10 years now, there is still a lot of confusion and misinformation circulating. There are a lot of people that have heard things that aren’t true about the part D plans of today. Because of that misinformation there are some that don’t trust the actual benefits that Medicare part D plans give Medicare members.

The Reality of Medicare Part D

Medicare part D is an optional prescription drug plan that Medicare members can enroll in. These plans are not a part of the original Medicare plan but it was created because the rising cost of medications was causing a lot of Medicare members to stop the care they needed for their health. Although Medicare part D plans aren’t a part of the Medicare program, the plans do have to meet certain requirements and regulations monitored by the Centers for Medicare and Medicaid Services (CMS).

Because Medicare part D is not required, some don’t enroll into these plans until they need help paying for their medications. One of the first things that people should realize is that although Medicare part D isn’t required, it’s strongly recommended. Those that don’t enroll into a drug plan but use their Medicare benefits will be penalized when they finally enroll. This penalty will be levied and will stay with a Medicare member for the lifetime of their part D benefits. In the long run, it may be cheaper for some people to enroll into a Medicare part D plan when they become eligible instead of waiting until an emergency happens.

What Are the Benefits

After the reality of Medicare part D plans have sunk in, many want to know what they get in exchange for their money. They want to know the benefits of having one of these plans. Most are surprised at the benefits they have access to when they enroll into a plan they like.

Cost Effective- Having a Medicare part D plan can help those that have a lot of medications save money over the year. Just as an employer given insurance plan, Medicare part D insurance providers negotiates with pharmacies and pharmacy manufacturers to lower the actual cost of medications for their members. Without those negotiations people would still be charged retail prices for their medications.

Guaranteed acceptance- There are a lot of people that have experienced being rejected for coverage for a number of reasons. Those that qualify for Medicare part D plans won’t be turned down because they take too many medications. They won’t be turned down because of a terminal illness. This is very important because many people depend on their medications to continue having a quality life.

Additional Resources- Talking to a lot of pharmacists about medications and how much they cost can be really hard. Having a Medicare part D plan helps take some of that difficulty off members because they can help. Many of these plans offer additional help and programs that will help their members better understand the plans, the medications and many other things.

The benefits of having a Medicare part D plan are different for everyone. Some may benefit more by having more controlled costs and others may benefit by having more resources available. No matter the benefits more people should understand that Medicare part D plans do more good than harm.

Nov. 10 14'

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