Prescription Drug Plans

How Medicare Part D works:

  • 10328667_sMedicare Part D is an optional program that provides Insurance coverage to help you pay for prescription drug costs.
  • Offered by private Insurance companies and are based on guidelines provided each year by the Centers for the Medicare and Medicaid (CMS)
  • Plans are based on the guidelines each year that are governed by the Centers for Medicare and Medicaid (CMS)
  • Plans are similar but may vary in premiums, co-pays and formularies.
  • Can be purchased as a “stand alone” or through a Medicare Advantage plan that covers both Medical services and prescription drugs.
  • To be eligible, you must have Medicare A and or B.
  • A Part D late penalty could be added to your Part D premium if at any time after your initial enrollment period is over that 63 or more days pass when you did not have Part D or other creditable prescription coverage. If you have a limited income and qualify for Extra Help you don’t pay a late enrollment penalty.
  • In any one year, the Part D drug benefit gives you the initial coverage up to a certain level ($4020.00 for 2020). Once you reach that level there’s a coverage gap known as the (doughnut hole) before benefits kick in again. Once you are out of the gap and reach the true out of pocket limit ($6350.00 for 2020) The Catastrophic drug coverage kicks in and you will pay either five percent, $3.60 or $8.95 for your prescriptions, whichever is higher. (Note some PDP plans do have deductibles before the initial coverage limit)

RLG Financial Concepts offers Prescription Drug Plans for the following carriers:

  • AARP Medicare RX Preferred/Saver Plus
  • AARP Medicare RX Walgreens
  • Wellcare RX
  • Envision Rx
  • Humana Rx
  • Silver Script Rx
  • United Health Care Rx