Medicare Part D Explained (2022)
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Medicare Part D Explained
How Medicare part D works. This is the prescription drug portion of my Medicare Explained video series which includes my videos titled Medicare Explained, Medicare Supplement Plans Explained, Medicare Advantage Plans Explained and How To Sign-Up for Medicare. You will find all those free educational videos, plus dozens more when you subscribe to my channel. Or, you can just type in #MedigapSeminars in your KZread or Google search bar.
Understanding the Medicare Part D Prescription Drug plan is important because it is one of the areas of Medicare where you, the consumer can make some of the most expensive mistakes in Medicare. I am going to help you avoid those mistakes in this video.
There are four different ways you can be prescribed a medication. How your medication is prescribed and administered will determine which part of Medicare is responsible for payment.
First, you can be prescribed medication when you are an inpatient in a hospital.
Second, you can be prescribed medication that is administered by a medical professional at a medical facility.
Third is a concept called Brown Bagging and White Bagging prescriptions.
The fourth way to be prescribed medication is when your doctor writes a script and you pick up that prescription at a pharmacy or via mail order and then self-administer the prescription. This could be a pill, a self-injectable pen, an ointment an inhaler and so on. You pick up the prescription and administer it yourself. Prescriptions of this nature are covered under your Medicare Part D prescription drug plan.
Part D Plan Characteristics
The first thing you need to know about Medicare Part D prescription drug plans is that all Medicare Part D plans end on December 31 of each and every year. These are one-year, calendar year plans. Whenever you get a plan your commitment to the insurance company and the benefits they promised in the policy are just until December 31.
The second thing to understand about Medicare Part D plans is that every plan is different. They are the exact opposite of a Medicare supplement plan. As you may already know depending on where you are in your research, the benefits of a Medicare supplement plan are standardized to be identical from one insurance company to another and can never change. It is not that way with Part D prescription drug plans.
Medicare Part D plans are regulated to meet certain minimum requirements. For example, they all must cover a minimum of two drugs from every category. That means at least two high blood pressure medications and at least two statins for cholesterol and so on. In addition, they must cover all or substantially all the available prescriptions from six protected classes. The protected classes are immunosuppressants, antidepressants, antipsychotics, anticonvulsants, antiretrovirals and antineoplastics, which are medications used treat cancer and more commonly referred to as a chemotherapy or anticancer prescriptions. (antineoplastics)
Enrollment Periods
Next, we are going to cover enrollment periods.
Understanding the enrollment period is critically important because you cannot just enroll in a Medicare Part D prescription drug plan whenever you want. Missing an enrollment period is one of the most common mistakes made with Medicare Part D. This is because many people are focused on their Medicare supplement and don’t realize that the Medicare supplement and Medicare Part D enrollment periods are completely different.
Let’s take a closer look and hopefully make some sense out of these rules.
It is easiest to understand enrollment periods for Medicare Part D prescription Drug plans when you categorize them.
First there is an Initial Enrollment Period. This is your first enrollment period when you are first eligible for Medicare. For most of us that is the period when we are just turning 65.
A second group of enrollment periods are Annual Enrollment Periods. These happen every year, year-in and year out. They are based on a calendar year period.
Last, but not least are Special Enrollment Periods. A Special Enrollment period is triggered by an event. It can be an event you initiated or an event that was forced on you and is involuntary. That creates a Special Enrollment Period.
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I am a licensed health and life broker. After many videos on Medicare, I have found that this one has been the best to view. It is informative without trying to sell you a particular insurance plan
I have been doing a considerable amount of research on Medicare Supplements and the Part D Prescription Plans. This can be daunting if you rely on the Government website or booklet, not with intent but lacking so many variables. This video along with the many videos on the entire Medicare process have been indescribably helpful. I will note, I am not a one source researcher and have read or viewed so many publications/videos that I can say with close certainty this/his videos are informative, fact on and unbiased - more so, understable , true and unbiased. Much appreciated, THANKS!
@hariberhe4832
2 жыл бұрын
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@elbamora9624
6 ай бұрын
Gheeeee just to receive care watching and learning for five years it’s RIDICULOSSSSSS!!!!!!!!! Just become ilegal and not questions get everything freee
I'm a plan N. I love to save money as long as the quality is decent
Finally a source of information on Medicare that I can understand.
You just saved me! I am 67 yrs. old and was just laid off from my job. I thought I could use COBRA for 8 months. I didn't realize the special enrollment period for the drug plan was different than the supplement plans. I need VERY expensive drugs and I would have lost my drug coverage for 6 months. This saved me about $50,000! Thank you so much!
@MedigapSeminars
2 жыл бұрын
You are very welcome. Thank you for letting me know. It means the world to me.
Thanks very much for helping me to better understand the quagmire that Medicare is. So many pitfalls await us.
I'm so glad I discovered you today! You're the Mr. Rogers of Medicare, making the chaos and craziness navigable. Thank you!
@MedigapSeminars
3 жыл бұрын
Never been called a Mr. Rogers before. I remember his shows. Thank you.
@IVIain
2 жыл бұрын
The video was loading saw this & died XD
Wow..A wealth of knowledge! Thank you Mr.C!!! These informative videos, are EXACTLY, Why I have Chosen You, and Your Team, To be My Agents... You are Helping me, and others, to Navigate, through these, vast & previously UnCharted Waters, that I'm in, as I approach this Daunting Medicare Leviathan! Again, Thank You! You Shine a Light, into the Darkness, and keep us from Shipwrecking, on the Rocks...Amazing...
Matthew, I am 5 years away from enrolling in Medicare but started watching your videos so I could learn more and prepare. Your videos on Medicare and Supplemental Plans are so informative. I will be sharing with friends and relatives. Thank you so much!!!!
I am only half through listening to the information provided here. And I am very impressed. This is by far THE BEST channel I have seen on KZread regarding MEDICARE. Thank you 🙏
@MedigapSeminars
2 жыл бұрын
Thank you Sima
Man, am I ever glad I watched this! Thank you.
So thankful for your videos, I think I'd be lost without them.
This made a lot more sense that anything else I've been told will b checking web site and calling thxs so much
Whether you currently are a Medicare D recipient or are looking to renew I highly recommend watching Matthew's video's and guidance. i was fortunate to find him 2 years ago when I turned 65 . This whole Medicare and supplemental process is so complicated and overwhelming. Mathew explains things in a such simple and understandable manner. God bless you Matthew and pls. continue to do the good work.
@MedigapSeminars
3 жыл бұрын
Thank you Sandra
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Your video has been so helpful - thank you so much for breaking it down
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There’s a lot to learn, thanks for the info!
Your presentation style lends itself well for me to easily follow and take notes as you spoke. Thank you.
This video, as well as the other 3 dozen videos I have watched; are very easy to understand, and he takes the frustration and confusion out of your Medicare choices.
Thank you for explaining Pars D plan where I am able to finally fully understand
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Thank you so much for the very important information about Medicare part D🙏🏽
You sure make this easier to understand. You have a fine speaking voice, easy to listen to.
@MedigapSeminars
3 жыл бұрын
Thank you Charlie. I appreciate your kind words.
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Thanks Brother. Appreciate the help! Stay well, much love.
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Very informative, will delve into your other videos! Thank you.
Great video explaining Part D coverage which can get complicated. I enjoyed Matthew Clawson's delivery.
This was the best info & so much easier to understand some of this part D stuff thanks so much.
Very interesting and well explained. Looking forward to Part 2 and your web site to be up and running.
Thank you Matthew for this very informative video on Medicare Part D
Thank you Matthew. This is so helpful.
Thank you for sharing all of the valuable information. I learned an awful lot about Part D which I had no knowledge of.
Every Medicare D recipient should access this video every year before choosing a Part D drug plan. Video provides best explanation of details that anyone can access. Thank you for the detailed explanation every step of the way.
Very well explained and understandable, very helpful! Thank you.
You are awesome. Thanks for making this easier to understand.
Matthew, great video! Thanks for simplifying.
Thanks...very helpful. The explanations are concise and easily understood! Thanks.
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Thank you so much for the information now. I understand the way the system works in part D plan . 😊
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Very informative. It helped me determine my 2021 Part D plan.
This is such a clear explanation. Thank you very much.
Thanks Matthew!! Your videos are very clear👍😊Thanks again!
Matt, Thank you for all the quality info. Now on to part 2.
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Matthew always has great updated information.
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Matthew Claassen did a terrific job explaining Medicare part D coverage so that I could understand it. Thank you so much! I appreciate you!
I feel much more confident choosing a part D plan after watching your videos. Thanks!
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Valuable information presented in a clear, comprehensive format. Thank You!
Very clear to understand. It is a must before enrolling.
So far so good. I have trouble remembering stuff like this, but I saved this vid for future reference. Thank you sir. God bless.
Excellent information, as with all of your videos, thank you!
Very helpful! Helps clear up some things I was confused about or did not even know about.
Really well done and presented clearly. Lots of good information. You can learn a lot and make a good decision.
I happy to see your video of Part-D.
Thank you much to put your time to provide us the most important knowledge of our life.
Matthew many thanks. Excellent and ever so useful.
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Thanks fir the helpful information. I am learning so much about what I need.
Thank you very much for such a complete and easy to understand explanation of Part D ....very helpful.
This a very useful and informative video. I learned a lot about Medicare Part D. Thank you.
Found this video VERY helpful - VERY clear/understandable.
Easy to follow information. Just getting started. I have a lot to learn in a very short time. thank you very much.
Thank you. You explained it well. Part D is very confusing.
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Thank you for this video!! I’ve been reading mounds of material, & have watched a couple video. I’ve still been so confused! Then I can across your videos, and you have helped me understand so much!! I don’t feel so intimidated like I have for the last 6 months, as I’ve come up to my deadline to choose. Thanks again!!
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Very helpful, easy to understand, gets into details, not just generic information. Definitely recommend
Clear and easy to follow and understand.
Never mind the comment about difficulty finding it. I just saw it on this page. Thanks again Matthew for these amazing video tutorials!!
Thank you so much for this excellent video and I have sent the link to my few friends of mine. Looking forward to seeing your part 2 and definitely I will call you when the time comes for my Medicare. Thanks!!
@MedigapSeminars
3 жыл бұрын
Thank you Li Yu.
What a nice man. Whoever this fella is, he's good at explaining complicated things.
Very informative. We would not have been able to make the best choice without these videos. Thank you from the bottom of our hearts. Angelica & Malcolm
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Great video as always Matthew.
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Your knowlege and presentation is exceptionally good. You're really really a natural teacher. I appreciate you and I thank you for that.
Thanks for the good information on Medicare Part D.
Very helpful and simple to understand
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Informative and concise video on Part D.
I appreciate so much your thorough explanation. I learned a lot. You speak slowly and deliberately that i'm able to keep up. Thank you
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Very good explanation of Part D, which I found to be a bit confusing. Thank you for clearing things up.
Explained very well.I now understand what is going on