Medicare Prescription Drug Plans
Midwest Insurance Plans can help you find comprehensive Medicare Prescription Drug Plan across a strong network of providers in Wisconsin.
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Contact Midwest Insurance Plans to find a Medicare Prescription Drug Plan in your area
What is a Medicare Prescription Drug Plan?
When you are ready to decide on a plan, take the time to understand how the plans work. Each plan has a formulary (a list of covered drugs) that meets standards as required by federal law. Keep in mind, not all plans are the same. They may vary in cost or specific drugs covered.
If you enroll in a Medicare Part D plan, please review the plan’s formulary to ensure it will meet your prescription drug coverage needs. That way, you can make an informed decision and choose the plan that’s right for you.
Do I need a Medicare Prescription Drug Plan?
Medicare Prescription Drug Coverage Options
Original Medicare
- You can get Medicare prescription drug coverage through an individual Medicare PDP (Part D).
Medicare Advantage (Also Known as Part C)
- You can sign up for a Medicare Advantage plan (HMO or PPO) or other Medicare health plan that offers Medicare prescription drug coverage included
When to Sign Up for Medicare Prescription Drug Plans
Initial Enrollment Period (IEP)
This is the seven-month period during which you can enroll in Medicare for the first time. Often this enrollment period occurs when you turn 65 or when you leave an employer-based plan after 65. If you are enrolling for the first time due to disability, your IEP timing is based on your disability date.
Annual Enrollment Period (AEP)
Special Enrollment Period (SEP)
Late Enrollment Penalty (LEP)
The late enrollment penalty is an amount that’s added to your monthly Medicare drug plan (Part D) premium. You may owe a late enrollment penalty if at any time after your Initial Enrollment Period is over, there’s a period of 63 or more days in a row when you don’t have Medicare drug coverage or other credible prescription drug coverage. You will generally have to pay the penalty for as long as you have Medicare drug coverage.
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Contact Midwest Insurance Plans to find out more about Medicare PDP.