Call Now

Calling the number above will direct you to a licensed sales agent.

Visit Us

           

Medicare Part D

Rosati Insurance agents are licensed to sell Medicare Supplement insurance in multiple states. We’re a full-service insurance agency providing cancer plans, dental plans and life insurance.

What is a Prescription Drug Plan?

Medicare Parts A and Part B do not include coverage for prescription drugs. Because of this, the government allows certain insurance companies to offer plans to help cover this expense.

There are two types of plans that cover prescription drugs:

1) A Medicare Advantage Prescription Drug Plan is included when you sign up for a Medicare Advantage health plan (commonly called Medicare Part C). A Medicare Advantage Plan helps with additional health costs that Medicare does not cover. Medicare Advantage Plans have a separate Prescription Drug Plan that works ONLY with Medicare Advantage Plans.

2) A Medicare Part D Prescription Drug Plan is a plan that works in conjunction with Medicare Part A and Part B. You may still purchase supplemental insurance to assist with other fees not covered with Medicare but joining a Medicare Part D plan will cover prescription medications.

Why do I need to add a Prescription Drug Plan to my existing health plan?

Medicare does not cover prescription drugs and the government wants everyone over the age of 65 to have prescription drug coverage. Paying for prescription drugs out-of-pocket can become very expensive. Calculate how much you spend on medications before deciding which plan is right for you. If you are not taking medications, you still need to purchase a plan. If you are told to take medications, and have not signed up for a plan, you will have to wait until an open enrollment period to purchase a plan. In some cases you may join during a special enrollment period. But it is advised that consumers purchase a prescription drug plan during their initial enrollment period.

Who is eligible for a Prescription Drug Plan?

You must be eligible for Medicare Part A and B to obtain a Medicare Prescription Drug plan.

When can I enroll?

You may enroll for a Medicare Prescription Drug plan the same time you enroll for Medicare Parts A and B. The initial enrollment period for Medicare lasts 7 months. You may enroll three months before you turn 65, during the month you turn 65 or up to three months after you turn 65.

What if I don’t want a Prescription Drug Plan?

If you already have a prescription drug plan through work or another source you may not need to purchase a Medicare Part D plan. Not all plans meet the Medicare minimum standard, so you need to check. In reviewing your existing coverage, the most important word to look for is “creditable.” Your plan must pay at least what a standard Medicare drug plan would pay toward coverage. If you decide not to have a plan, and change your mind later, you will have to pay a penalty.

What if I miss the enrollment period?

If you fail to get prescription drug coverage during this time, and you elect to get it later, you may face paying a Medicare Part D penalty. Medicare uses a mathematical model to calculate the penalty and adds this to your premium for the months you did not have coverage. To read examples of how the penalty is calculated, please click HERE.

ET Insurance, Inc

111 S Main St
Salem IN 47167

(812) 883-2806

CALL NOW

By Appointment 7 days a week
812-883-2806

Calling the numbers above will direct you to a licensed sales agent.


  • Very helpful people.
    Dave Rosenberg
cog