General:

Some people do not understand the importance or the need to have a company plan. Part D Medicare, which are the plans of Prescription Drugs.

Who needs to have one of these plans? For people who are already eligible for Medicare Part A, or also have Part B, or A and B, they need to purchase a prescription drug plan. When is the best time to buy it? During the same seven-month window that you have for the Medicare Initial Enrollment Period. Remember, Medicare enrollment is in the Initial Enrollment Periodwhich is the seven-month period comprising the month of your birthday, three months before and three months after.

Logically, these plans have a cost that depends on the medications that the person takes and the pharmacy that he/she uses.

You may ask, and what if i don't have a drug plan when i am eligible? If you don't have a prescription drug plan when you're eligible, Social Security will fine you the 1% for each month you did not have this plan. For example, the standard premium for a drug plan for this year 2022, are. $33.37. It may be much less or a little more. If someone delayed Medicare Part B for five years, it would be a total penalty of 60% of the base premium, which would be. $20.02. It means that you should pay $53.39 for the drug plan.

Keep in mind that you may be in good health and not need medication, but to avoid these penalties there are plans exclusively for these types of people costing a very low monthly fee. Also, because you don't know if you may need medication at a moment's notice due to a change in your health. Without the coverage of one of these plans, you would pay 100% out of pocket for any medication you need, but these plans help you pay for those medications. Besides, if you are no longer in your initial enrollment period, and you become in need of a drug plan, you can't buy it because you missed your window of time and would have to wait for the 100%. Annual Enrollment Period which is from October 15 to December 7.

Another thing you should know is that if you are working, are over 65 and have creditable coverage with your employer, this coverage is covering you for drugs. In this case, you would not have to buy a Medicare drug plan and you would not have any type of penalty, but when you lose or terminate that employer coverage, you will have two months of Special Enrollment Period to purchase a drug plan.

Also, with Original Medicare: Part A and Part B, you have two ways to get drug coverage: 1) by purchasing a drug plan on its own, or 2) by purchasing a drug plan with a prescription drug plan on its own, or 3) by purchasing a drug plan with a prescription drug plan on its own. Medicaid2) obtaining a Supplemental Plan Medicare to help you with costs not covered by Medicaid. In addition, you may also select a Medicare Advantage with medication.

Why is it necessary to have a prescription drug plan? Mainly to avoid fines later on and to be prepared in case you need prescription drugs.

Remember that, according to the person's income, the State has certain assistance for the cost of medicines. There is a program called Additional Help o Extra Helpwhich is the same as a Low Income Subsidy (LIS)which is low-income income. This additional assistance helps with the cost of the monthly premium. And you can apply for these benefits directly at the Social Security pageor by searching in the Google search engine "Additional benefit with Medicare drug plan costs.". I assure you that it is super easy to do.

Each of these plans has drugs rated according to this formulary. There are plans that may cover a drug and plans that may not cover a drug.

If you already have a drug plan, do an annual review of your drug plan to see if it is in your best interest to stay with it or make a change for greater savings.

If you need help with these reviews, contact an independent agency. If you do not have one, call us to help you with this plan review. At Avila Medicare Solutions, we specialize in Medicare Savings Plans. We can help you with your Medicare enrollment, plan review and make sure you have everything under control.

Our local number is 512-520-5957 or you can call us on our toll free number which is 855-GO-AVILA. We are here to serve you.