The Medicare Part D program has helped millions of Medicare recipients pay for their prescription drugs since January, 2006. Over 1,400 Medicare health insurance plans are available in the market that provides an assortment of prescription benefits to the people. We have invested a tremendous amount of hours to figure out which Medicare Part D plan is best for each individual's situation. There are open enrollment periods, donut holes, annual election periods, late enrollment penalties, tiers, formularies and dozens of more terms that are specific to the Medicare Part D industry. Accurate information leads to a wise decision. Medicare recipients should specifically concentrate on the dates of the various open enrollment periods. We thank you for continuing to show confidence in our knowledge of all aspects of the Medicare Health Insurance industry. Guide to Medicare Part D:
1. The Cost, Medicare Coverage, Convenience, & Company Ratings:
There is help on the way. In 2010, a Part D plan rating system was implemented to publicize Medicare recipient’s experiences with the various Medicare Part D plans. 2. Different Types of Generics & Your Out of Pocket Cost: Question: The Medicare Part D Guide Gap Coverage is confusing to understand because the difference between preferred generics and regular generics is not clear. There are Part D plans that will cover "all preferred generics" or "some generics" or "all generics." I cannot understand this, what does this mean? Answer: These various "generic drug" terms do not have an industry wide meaning. Each Medicare Part D insurer defines the term as it sees fit. An insurer's "preferred generic" can be completely different than another Medicare Part D plan's list completely. What is the reason for all this confusion and why is there not an industry standard? In our humble opinion, this was a mistake in the Medicare Part D legislation that should be rectified in the near future. There are Medicare Part D insurances that are limiting their "doughnut hole" coverage and the different "categories" of generic drugs is a way for the Part D insurer to not cover all generic drugs in the doughnut hole." Most of the Medicare Part D plans will cover the widely used and popular generic drugs as common generics. An important point is that even if generics drugs are covered through the doughnut hole, your co-payments may increase during the donut hole. The specific Medicare Part D plan will give specific details as to this point. 
3. Is Mail Order the Best Way To Buy Prescriptions? Question: Is the Medicare Part D plan mail order option good for you? Answer: Using Medicare Part D plan's mail order plan will save you money in almost all circumstances. Having a personal relationship with your local pharmacist does have value and lower cost of drugs will make the doughnut hole come faster. 4. The Enrollment Penalty? Is It Being Enforced? Question: Not taking any prescription drugs caused me to bypass the initial Medicare Part D plan open enrollment period. Things have changed and I would like to join Part D plan. Will there be a late penalty and how much will it be. Answer: There is a late penalty and Medicare recipients will receive a letter from their Part D insurance concerning the penalty amount. The Part D late-enrollment premium penalty is calculated by the Center for Medicare and Medicaid Services and then reported to the Part D insurer. You will be sent a letter to by the Part D insurer as to the exact amount of the penalty. The Medicare Part D insurer letter will detail the calculations that went into the amount of the penalty and inform you that the late enrollment penalty can be protested via proper governmental channels. Those who are qualified low income recipients are not subjected to the Part D late enrollment penalty until the end of 2012. 5. What is the Preferred Method to Pay for Medicare Part D? Question: What is the best way to pay for Medicare Part D? Answer: Bank draft, Social Security deductions, credit card, personal check are the options. Medicare Part D premiums can be paid in a variety of ways. Our personal recommendation is for Medicare beneficiaries to pay the Medicare Part D payments via bank draft with the bank account that has the highest balance. This will ensure that your Part D insurance will not lapse by accident. 6. Cut-off dates and other important information: A Medicare beneficiary that does nothing regarding Medicare Advantage Plan, Medicare Plan F or Part D will stay in his or her current plan throughout the following year. One should analyze the changes in your current Part D Medicare benefits in order to make a good decision. December 31 is when the annual open enrollment period ends and the following year is the earliest that one can join Part D plan or switch plans. (There are exceptions). Those who did not take any Part D plan will probably pay a lifetime penalty when they finally join a plan. The Medicare advantage insurance has an additional open enrollment period from January 1 to March 31. During this period one cannot add Medicare prescription drug coverage but those a prescription Part D drug plan can join a Medicare Advantage Plan with a prescription drug benefit. Those who are low income are dual eligible and can change Medicare Part D plans all year round on the first of the month. One must realize that changing Medicare Part D drug plans once a month is a bit silly. Finding a Part D insurance that is subsidized by the state low income subsidy and covers all of your drug medications would be the wise decision. Those new to Medicare have a seven month window to join Part D insurance. (Three months before you receive Medicare, & four months after your Medicare eligibility begins). Medicare recipients in the initial enrollment period can enroll in a Part D plan for just December and can stay in your chosen 2012 Drug Medicare Supplement Insurance policy the following year or select a completely new Medicare Part D insurance. 2012 Medicare Part D Statistics
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