Medicare Part D Prescription Drug Coverage

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What is Medicare Part D?

Which drugs are covered under Medicare Part D?

The specific list of prescription drugs covered by your Part D plan (known as the formulary) will vary depending on both the provider and plan options. However, all plan formularies are required to include coverage for protected class medications.

There are six protected class medications that all Part D plans must include coverage for:

Beyond these protected medications, each insurance company has its own list of what is covered. Your advisor can help you find a plan that covers most or all of your recurring monthly prescriptions.

How do I enroll in Medicare Part D?

There are two options for obtaining a Medicare Part D plan:

Medicare Advantage plans are available through a number of different companies and include numerous plan options. Before enrolling in an MA plan, work with your advisor to choose the one with the best options.

How much does Medicare Part D cost?

Like other healthcare plans, the cost of Part D premiums, deductibles, and copayments can change from year to year. In addition, your premium will vary depending on which plan you choose, your location, and your income.

For some low-income Medicare enrollees, the Extra Help program can provide a subsidy that pays for a portion of your Part D premium.  Find out if you qualify for Extra Help.

Part D cost breakdown: 2023

Cigna Frequently Asked Questions

What Medigap plans does Cigna sell?

Cigna has a relatively limited menu of Medicare supplement plans. But they do sell the most popular plans, including Plans A, F, G, and N. They also sell the high-deductible version of Plan G.

What states does Cigna Medigap operate in?

Cigna operates in all states except Massachusetts and New York. They also operate in the District of Columbia. 

However, you can still use your Medicare supplement benefits in Massachusetts and New York at any doctor or provider who takes Medicare patients.

Are other benefits available to Cigna Medicare supplement enrollees?

Cigna allows Medigap enrollees access to their Healthy Rewards Program, which provides discounts for healthy lifestyles and choices.

They also provide access to a nurse-staffed 24-hour health information line.

Medicare Part D 2023 cost:

Paying your Medicare Part D monthly premiums

When paying the monthly premium, you have the option to have the payment automatically deducted from your Social Security check. The insurance company you choose can arrange this payment method. You can also choose to have the premiums automatically deducted from a checking account, or pay through the mail.

When to Sign-up for Medicare Part D Coverage – Enrollment Periods

You can enroll for Part D Prescription Drug Coverage when you become eligible at age 65, or during the open enrollment period.

1. Annual Enrollment Election Period

The Annual Enrollment Election Period runs from October 15 through December 7 of every year. During this time, you may enroll in or change Medicare Prescription Drug Plans under the following qualifications:

• • You are entitled to Medicare Part A or are enrolled in Part B.
  • Your permanent residence is within the United States. You must continue to pay your Medicare Part B Premium, if not otherwise paid for under Medicaid or by another third party.
  • You are not enrolled or do not plan to stay enrolled in another Medicare Prescription Drug Plan.
  • You may enroll in only one Medicare Prescription Drug Plan at a time and may not be enrolled in a Medicare Advantage Plan at the same time. If you choose a Medicare Advantage Plan, your prescription drug coverage is included.

If you currently have a Medicare Supplement plan, you can also switch to a different plan during the Annual Enrollment Election Period

2. Initial Enrollment Period

The Initial Enrollment Period is a seven-month period that includes the month during which you first become eligible (at age 65 or earlier if you qualify due to a disability or end-stage renal disease) plus the three months before and the three months after the month in which you become eligible.

If you do not enroll during your seven-month Initial Enrollment period, you will have an opportunity to join a prescription drug plan every year from October 15 through December.

However, if you enroll after the Initial Period you will be assessed a late enrollment penalty.

The late penalty is currently 1% of the national average monthly premium for each month you were eligible but were not enrolled in a Medicare Prescription Drug Plan. The penalty will be added to your premium for as long as you are enrolled in Medicare’s prescription drug coverage.

You can delay enrollment in Medicare’s prescription drug coverage without paying a penalty if you have prior creditable coverage on an individual policy or through an employer group policy. Creditable coverage means you have a drug benefit that equals (or is better than) Medicare’s standard prescription drug coverage.

3. Special Enrollment Period

A Special Enrollment Period is available in certain situations, such as if you become disabled or move outside of the service area your plan provides. In these cases, you may enroll in or change Medicare Prescription Drug Plans at any time.

Save Money on Your Prescriptions

Since there is a late-enrollment penalty for delaying the purchase of a PDP, you may benefit from signing up for a Part D plan even if you are not currently on any medications.  In this way, you can choose the least expensive plan in order to avoid the penalty, with the option of switching to a more comprehensive plan if your needs change.

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