Medicare Part D
Product Overview
Also known as the Medicare Prescription Drug Benefit, this federal program subsidizes the cost of prescription drugs for Medicare enrollees. A Medicare Prescription Drug Plan (sometimes referred to as a “PDP”) adds drug coverage to Original Medicare, some Medicare Cost Plans, some Medicare Private Fee-for-Service (PFFS) Plans, and Medicare Medical Savings Account (MSA) Plans.
These plans are offered by insurance companies and other private companies approved by Medicare.
It’s important to compare an applicant’s current coverage to Medicare drug coverage and consider all of the options.
Each Medicare drug plan has its own list of covered drugs (known as a formulary), and places drugs into different “tiers” — each of which has a different cost.
Why Agents Offer Medicare Part D Plans
Just as Medicare Part D Plans aren’t the best fit for every client, they aren’t always the best fit for Agents. Consider these questions:
- Are these plans beneficial for the people in your community and the areas you serve?
- Do you offer similar/competitive products?
There are many compelling reasons to offer Medicare Part D, such as:
- You can help families with some of the most difficult decisions of their life
- You can provide your clients with peace of mind, as they will know they have a health plan behind them
- You’ll be serving the needs of your clients and community
- You can offer a profitable product that will help your bottom line
How to Get Started with Medicare Part D Plans
If you decide to offer Medicare Part D Plans, we recommend talking to someone from the Medicare Advisors team of experts. They’ll provide answers to your questions, and have tools available to support your new product offering.