Prescription Drug Plans

Partner with Yeatman Insurance Services to find the prescription drug coverage you need.

Medicare Part D is a federal program designed to help cover the cost of prescription drugs for seniors. To avoid a lifetime penalty, Medicare requires you to select and enroll in a Part D plan (PDP) when you first become eligible to do so, even if you are not using any prescribed medications currently. However, if you have “creditable coverage” elsewhere, you do not have to enroll in a PDP and will not be penalized while your creditable drug coverage is active (e.g., Veterans eligible for drug coverage at the VA). (See Understanding Creditable Coverage below for more info.) 

Part D plans work with the following Medicare plans:

Original Medicare Part A (hospital)

Original Medicare Part B (medical)

Medicare Part C (Medicare Advantage)

What to Consider When Choosing a Part D Prescription Drug Plan

Selecting the right Part D plan involves several key considerations:

Costs: We will use your current list of medications to assess the costs associated with each plan, including premiums, deductibles, coinsurance, and coverage gap.

Coverage of Medications: We will review each plan's list of covered drugs, known as the formulary. Formularies are organized into tiers that dictate how much you pay. We want to ensure that your current medications are covered and check for any restrictions, such as prior authorizations.

Pharmacy Network: We will be certain to verify that your preferred pharmacy is included in the plan’s network. Some plans offer better savings if you use certain pharmacies.

Understanding Creditable Coverage & Penalties

You may face a late enrollment penalty if you do not enroll in a Part D plan when first eligible to do so and do not have other creditable coverage.” Most employer plans offer coverage that’s as good as or better than Medicare Part D. This is called “creditable coverage.” If you have creditable coverage and keep it, you won’t face a late enrollment penalty if do not select a Part D plan now and, then later, decide to enroll in Part D. If your creditable coverage ends, however, you will want to contact us at once to enroll in a Part D plan to avoid a gap in coverage and avoid a life-time penalty!

This penalty is calculated monthly based on the number of months you went without prescription drug coverage. The amount may change annually. The penalty is added to your Part D monthly premium once enrolled and will remain for the rest of your life! It is important to enroll in a Part D plan when first eligible to do so or if losing your current drug creditable coverage to avoid this added cost

When & How to Enroll in Medicare Supplement & Medigap Plans

Annual Enrollment Period (AEP): Every year from October 15th to December 7th, you can make changes to your Medicare prescription drug plan. This period is crucial for reviewing and adjusting your coverage based on your current medication needs.

Initial Enrollment Period (IEP): This is the seven-month window around your 65th birthday when you first become eligible for Medicare. It starts three months before your 65th birthday, includes your birthday month, and extends three months after.

Open Enrollment Period for Medicare Advantage Plans (OEP): If you're enrolled in a Medicare Advantage plan, you can switch to a different plan or return to Original Medicare, with the opportunity to join a standalone Part D plan from January 1st to March 31st each year.

Special Enrollment Periods (SEPs): Certain life events, such as moving to a new state or losing creditable drug coverage, may qualify you for a Special Enrollment Period.