Some prescription drug plans may incur higher
operating expenses and/or might provide enhanced coverage in exchange for a higher
premium cost. He could evaluate plan options to see if an enhanced plan could better meet his needs compared to a standard design plan.
Part D participants have three methods for settling their Part D premium.
(1) Electronic automatic monthly payment methods, such as direct withdrawal from a checking or savings account or automatic deductions from credit or debit cards;
(2) Monthly bills sent directly from the plan; or
(3) Automatic deductions from their Social Security Administration (SSA) benefit checks each month.
• Usually, it takes 2-3 months for SSA withholding to start or finish.
• When withholding initiates, it will cover the 2-3 months of owed premiums.
• If a beneficiary considers this payment option, they should first contact the plan.
Typically, the beneficiary is required to maintain the same payment option for the entire year.
