What is a Medicare Part D plan?

Medicare Part D, also called the Medicare prescription drug benefit, is a United States federal government program to subsidize the costs of prescription drugs and prescription drug insurance premiums for Medicare beneficiaries.

If purchasing a MedAdvantage plan, part D drug benefits are generally included. If purchasing a Medigap plan, you will have the option to purchase a stand-alone Part D plan. There are 29 plans to choose from in Washington state. Based on your specific prescription usage, Green Financial will research your options and recommend the best plan for you.

Part D late enrollment penalty

The late enrollment penalty is an amount added to your Medicare Part D monthly premium.You may owe a late enrollment penalty if, for any continuous period of 63 days or more after your Initial Enrollment Period is over, you go without one of these:

A Medicare Prescription Drug Plan (Part D)
A Medicare Advantage Plan (Part C) (like an HMO or PPO)
Another Medicare health plan that offers Medicare prescription drug coverage
Creditable prescription drug coverage

Cost: Of the 29 stand-alone plans available in Washington, the monthly premium ranges from $14.70 to over $100. Average cost is around $34. If choosing a MedAdvantage plan, Plan D rates are generally included with MedAdvantage rate.

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Many factors affect what the best plan for you is, including your doctor/hospital choice, your health, cost, prescription needs, your zip code, whether you travel internationally or snowbird plans. With this survey we can evaluate and recommend a plan for you.

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