Medicare Prescription Drug Plan (Part D)
Welcome to Magnolia65, your trusted partner for comprehensive Medicare Prescription Drug Coverage (Part D). Our goal is to help you navigate the world of prescription drug costs and provide you with the peace of mind you deserve. We understand the importance of affordable and accessible prescription medications, and that’s why we offer a range of options to suit your needs.
What is Part D Coverage?
Medicare Prescription Drug plans, offered by private health insurance companies, cover the costs of your prescription medications. You can choose to receive this coverage in addition to:
- Original Medicare (Part A and Part B)
- Original Medicare (Part A and Part B) with a Medigap Plan
- Part D coverage is often included in most Medicare Advantage (Part C) plans for your convenience.
Understanding the Costs
We believe in providing you with clear information about the costs associated with Part D coverage, so you can make informed decisions:
- Premium: Most Part D plans require a monthly premium.
- Deductible: Some plans have deductibles.
- Copays: Many Part D plans require a fixed copayment each time you fill a prescription.
- Coinsurance: Some Part D plans require a percentage (coinsurance) of a medication’s cost when filling a prescription.
- Coverage Gap (Donut Hole): Most Part D plans have a coverage gap, a temporary limit where you are responsible for all your drug costs until you reach the plan’s annual out-of-pocket limit. After reaching this limit, you’ll pay only a small share of your prescription costs for the rest of the year.
Initial Enrollment Period
The Initial Enrollment Period is a critical window of time when you can enroll in Original Medicare (Part A and/or Part B) when you become eligible. After enrolling in Medicare Parts A or B, you can choose other coverage options, including a Prescription Drug Coverage (Part D) plan from approved private insurers. Once this period ends, you can make changes or add coverage during the Open Enrollment Period.
For Individuals Aged 65 or Older and Under 65 with an Eligible Disability
Your Initial Enrollment Period is based on your age or when you began receiving Social Security or Railroad Retirement Board (RRB) disability benefits.
- For those aged 65 or older, it starts three months before your birth month and extends until three months after your birth month.
- For individuals under 65 with an eligible disability, it begins the 22nd month after you began receiving benefits and continues until the 28th month after you began receiving benefits.
How to Enroll
To enroll in a Medicare Part D plan with Magnolia65, you must be entitled to Part A or enrolled in Part B, and you must live in the designated geography of the plan you want to join. Contact us for assistance in choosing a Medicare Part D plan and getting enrolled.
Open Enrollment Period
The annual Open Enrollment Period is from October 15 through December 7, providing Medicare-eligible consumers the opportunity to review and make changes to their Medicare coverage, including selecting or modifying their Prescription Drug Coverage (Part D). Keep in mind that if you choose Part D coverage after your Initial Enrollment Period window closes, a late enrollment penalty may be added to your premium.
How the Medicare Prescription Plan Works
- You get a prescription from your doctor.
- Take your prescription to a pharmacy that’s in your plan’s network. You can do this for short-term or long-term medications.
- You pay for your prescription based on the drug’s category, where you are, and where you filled the prescription. Some drugs may be 100% covered.
- If you need to get your prescription from a pharmacy that’s not in your plan’s network, it’s possible, but only in special situations. You might have to pay extra in such cases.
Additional Plan Information
Members will receive additional plan information directly from Magnolia65. This includes a benefit overview, formulary, pharmacy directory, and monthly explanations of benefits. We are committed to ensuring you have all the information you need to make informed decisions about your prescription drug coverage.
Magnolia65 is here to support your healthcare needs and make the process as straightforward as possible. Your health and well-being are our top priorities. Book an appointment now so we can get started with your plan as soon as possible!
Need help navigating your Medicare options?
We specialize in helping people make informed decisions about their Medicare coverage.
We are not connected with or endorsed by the United States government or the federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.