What is Medicare Part D Insurance?

It can be difficult to afford your prescription drugs, particularly whenever you do not have insurance. It may be possible for you to better afford your drugs on a regular basis whenever you qualify to take part in Medicare part D insurance. There is a little bit of confusion that surrounds this particular insurance plan, but in reality it is fairly simple to understand. Here is a little bit about Medicare part D insurance, and how you may be able to take advantage of this for yourself.

If you qualify for Medicare part A or part B, you also qualify for Medicare part D insurance. There are two different types of part D insurance that are available through Medicare. The first type is what is typically known as PDP or prescription drug plan. If you qualify for either part A or part B, you automatically qualify for PDP coverage. The other type of part D Medicare insurance is the Medicare advantage program, or MA program. This is a combination of both health insurance and prescription drug insurance. In order for you to qualify for the MA program, you must be taking part in both Medicare part A and B.

Regardless of which of these programs you are taking part in, it is a way for the United States government to subsidize some of your prescription drug costs. It was enacted in 2003, under the Medicare Prescription Drug, Improvement, and Modernization Act and it became available for those who are part of the Medicare program as of January 1, 2006. Since that time, thousands of individuals have been able to take advantage of Medicare part D in order to improve their financial circumstances and to be able to afford the prescription medications that they need. It is still open, and you may be able to take advantage of it yourself.

There are some limitations to Medicare part D that you should be aware of. For example, there may be an annual deductible that you will be responsible for, as well as a certain percentage that you will have to pay for any prescriptions that you receive. It is possible, however, that there are additional subsidies that are available to you which will cover these costs and either reduce them or get rid of them altogether. Speak to your insurance agent about Medicare part D in order to get more information on which of these programs you may be able to take advantage of.

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