Medicare Part D: Prescription Drug, From our Client Roundtable Event

In our series from our Private Client Roundtable event earlier this year, Mr. Tom Clark gives us the details on another part of Medicare, today we continue with the final Medicare alphabet soup:

Medicare Part D

Click here for Audio

Medicare Part D: Prescription Drugs

Two groups who DO NOT need Medicare Part D:

• Folks with Employer retirees coverage (Medicare subsidizes, employer wants Part D payments, careful with choices, AUDIO EXPLAINS well)
• Medicare managed care plans (almost all include Part D, no need to duplicate)

If you do not fall into either of these groups, you have 36 options in the state of Texas.  Once again, YIKES!

Another Important tool for Picking the correct plan

With 36 options, finding the best Medicare Part D plan is best done using the Medicare.gov site we reviewed earlier, this time in a different area of the site:.

• Go to www.medicare.gov
• Click on “Drug Coverage Part D” drop down tab (direct link here)
• Click on the “Find health and drug plans” tab
• Enter your information and this handy tool will assist in picking the best plan for your situation
• Especially helpful if you are a child of an elderly parent who helps make these decisions (great example in the audio)

We give the directions as these direct links often change.

Annual open enrollment is Mid October through the end of each fiscal year.

 Thanks Tom,  once again, we appreciate it …. Wow what a lot of information !

Have a Great Day!

John A. Kvale CFA, CFP