The prescription drug plan is a part of the Medicare health insurance plan. The Medicare drug plan is also called as the Medicare Part D plan. It provides the coverage for all the individuals who are having Medicare. This plan is an optional plan. In New Mexico Medicare drug plan, the individual shall pay monthly premiums to register in the Medicare Part D program.
There are mainly 2 ways in obtaining Medicare Part D plan:
Each Medicare Part D plan provides varied benefits but the premium, deductible and coinsurance may be charged for sometimes or may not be charged.
The individual, who is having Medicare health insurance, can join a Medicare Part D plan. If an individual is having Original Medicare, he/she should have Part A or B Medicare, or both the plans to be eligible for joining in the Medicare part D plan. If the individual chooses to register in the Medicare Part C plan along with Part D plan, then he/she should have an Original Medicare plan.
If the individual does not join in the Medicare Part D program when he/she becomes eligible for the first time for Medicare, a penalty should be paid for later joining. This penalty is paid in addition to the monthly premium. When the individual is having a creditable Medicare Part D coverage during the period of becoming eligible for the Medicare program, then that individual can avoid the penalty.