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 17 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 17 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.