Do you have to pay for part d medicare?

Are you feeling lost in the vast ocean of medicare options available? Do all these plans sound like a terrible Korean drama, where you can’t decide which one is worth watching till the end? Enter part D, arguably the most exciting character in this show.

But wait, do we have to pay for it? Let’s figure that out together with lots of humor and a few confusing medical terms along the way.

What is Part D Medicare?

It’s those fabulous four guys and gals on your tv screen who want to make sure that you don’t blow up your piggy bank while taking care of yourself. It covers prescription drugs prescribed by doctors or other health professionals, just like any highly intelligent assistant would do.

So Who Needs This Plan?

Glad you asked, my dear reader! If you’re already enrolled in either original Medicare (parts A and B) or Medicare Advantage (Part C), then congratulations, there’s hope for us yet.

If medication such as birth control patches give you peace of mind (as they should), many times they are covered under this plan too. Hey, no more worrying about unwanted lambs!

Show Me the Money

Here comes our favorite topic: money honey! Buckle up because things are about to heat up. According to Dorothy Mitchell from Forbes.com:

“For 2020 coverage on average basic premiums among stand-alone prescription drug plans remaining fairly stable at $30,”

Hmm… not bad compared to your internet bill I guess. Don’t worry; we won’t bore ourselves with talking only numbers cuz God knows none of us has ever actually enjoyed doing taxes.

You may also be thinking ‘Well if it’s free why wouldn’t everyone sign up?’ Stop right there Chrystal because good ole’ Uncle Sam will always budge his way through to get some coins jingling in his pocket, which brings us to the part where you’ll be biting your nails.

This precious plan only covers up until a certain limit, after which it puts the responsibility of payments on you (eh not very hospitable of them but ok). This is known as the ‘donut hole,’ otherwise referred to as the coverage gap. You dig?

Okay Okay. How much are we talking here?

Well my dear friend, The donut hole starts at $4020 and ends at about $6,350 for out-of-pocket expenses alone! Yikes!

Don’t cup your hands over your eyes just yet; there’s good news too. Once you reach that catastrophic stage (yes—the term they use—like what even) where many times medical organizations will be knocking on our door begging us to give back their loan, then things become pretty peachy again with medications being supported by insurance companies under Medicare.

Is There Any Way Around this Catastrophe?

Hmm – let me think (takes sip from imaginary chalice) why yes! Some drug manufacturers do collaborate with Medicare for reduced prescription costs if you meet certain criteria such as low income or having serious health conditions diagnosed by doctors. Remember how I said this was like a Korean drama; well now add some cameos for intrigue

But Wait We Aren’t Finished Yet

Because apparently still no one in America feels sorry enough for fellow Americans regarding their healthcare bills and have decided to push more laws through themselves: “According to CNBC.com”:

“…in 2021 beneficiaries whose total drug costs hit 4010 during any given year won’t enter into that pesky ‘Doughnut Hole'”

Colors raining down upon us all because finally we see hope along with our prescriptions safely secured within our pockets.

It’s important when signing up however also to review different plans available under Part D and choose something tailored to your specific needs.

Let’s Wrap this Up

So there you have it, dear reader. Part D can happily be in your life if you decide to take the blue pill (not really). Yes – fees are included and the coverage gap does exist for most plans but with various discounts offered along the way such as through drug manufacturers or by Medicare, things should work out just fine!

Disclaimer: If however, after reading all of this, you feel dizzy wanting to throw away every tax document within a mile radius and run off into the sunset never looking back again then I don’t blame you at all…

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