Medications are expensive, and they can put a significant hindrance on your financial state, especially if you must take more than one drug type. Medicare offers all Medicare-covered individuals prescription drug coverage. It is an optional add-on, but it is highly recommended if you are taking or will be taking medication in the near future.
Prescription Drug Coverage Options
There are two main ways to receive prescription drug coverage. The first and most common way is through Medicare Part D. Medicare Part D is also known as the Medicare Prescription Drug Plan, but sometimes it can be referred to as a PDP. Medicare Part D allows you to add extra coverage to your Original Medicare, some Private Fee For Service plans, and Medicare Advantage Savings Plans. There are multiple plan options under Medicare Part D that work for different types of medications. If you don’t enroll in Medicare Part D when you are first eligible, or you decide you want it part of your coverage later on, you will incur a late enrollment penalty unless you qualify for the Extra Help program or have other creditable prescription drug coverage.
The second way that people can receive prescription coverage is through a Medicare Advantage Plan. Some Medicare Advantage Plans offer prescription coverage as part of the coverage. Then you would not need the separate Medicare Part D add-on to receive reduced-cost prescription medications.
How to Join a Prescription Drug Plan
If you’re interested in joining a Medicare Prescription Drug Plan, you must first enroll in Medicare by either enrolling on the Medicare website, completing a paper enrollment application, calling the plan, or calling Medicare at 1-800-MEDICARE. Your Medicare Number and information about your Part A and B coverage will be required.
Register for Prescription Coverage Today
When it comes to prescriptions, you need to know the types of coverage you’re eligible for to help you save money in the long run. If you are interested in enrolling in Medicare Part D, Medicare’s Prescription Drug Coverage, Your Senior Insurance can answer any questions or concerns you may have. Call us today for more information about Prescription Drug Coverage.