Medicare Prescription Drug Coverage
One type of coverage that basic Medicare coverage will not offer is a prescription drug benefit. However, millions of Americans take prescription drugs. Fortunately, Medicare recipients can expand their Medicare plan to include prescription benefits with a few easy steps.
Prescription drug benefits are available to Medicare participants through a couple of avenues, namely Medicare Part D plans. Still, there are many types of prescription drug plans on the market, so you shouldn’t have to worry about finding the one that is best for you.
For help putting together optimized prescription drug benefits alongside your Medicare coverage, all you must do is call Bourgeois Insurance at
or request a No Cost Consultation
. Our expert Medicare agents will make your search for a quality plan simple and efficient.
Common Medicare Part D Questions
Most senior citizens qualify for Original Medicare, the U.S. government’s health insurance program, around their 65th birthday. Others who have certain chronic conditions or disabilities qualify earlier.
Original Medicare provides two types of benefits—Part A & Part B coverage—which cover inpatient hospital benefits and everyday medical care respectively. However, one benefit that these plans will not provide (except in very limited circumstances) is coverage for prescription drugs.
Still, if you take prescriptions, you can get this benefit through other Medicare options, namely:
Part D plans and Medicare Advantage prescription benefits are private health insurance policies offered by many major health insurers. They can offer extensive coverage for your everyday prescription drug needs. Therefore, you’ll have a way to avoid exceptional costs of prescriptions if you carry these plans.
How can I enroll in Part D?
If you are an Original Medicare recipient, you must buy a Part D plan separately from your Original coverage. However, if you have a Medicare Advantage plan, you will often receive prescription drug benefits through that plan.
The best time to get a Part D plan is usually during your Original Medicare initial enrollment period (IEP). This is a seven-month period that centers around your 65th birthday. It ranges from the first day of the month three months before your 65th birthday to the last day of the month three months later.
You can also enroll during the Medicare Open Enrollment period. This period occurs each year from Oct. 15 – Dec. 7. During open enrollment, you can either buy a Part D plan or upgrade your Original Medicare to a Medicare Advantage plan.
How does Medicare Part D work?
The principle of Medicare part D plans is that they can substantially reduce your out-of-pocket costs for prescription drugs.
Every prescription drug plan can must meet certain coverage standards set by the Medicare program. Still, because they are offered by private insurers, the benefits they offer, the drugs they cover, and the costs of prescriptions can vary.
All Medicare prescription drug plans will include a formulary of the drugs that they cover, and each will use different methods to set the costs of each prescription.
Plans also have coverage phases—initial coverage, the donut hole and catastrophic coverage—that you encounter based on how much you are spending on prescriptions. Your drug costs might vary depending on where you are in the plan cycle.
Most plans must give patients a choice of drugs used to treat most conditions. You can ask your doctor to appeal for coverage if your plan does not already cover a drug you need.
What does Medicare Part D cost?
All Medicare Part D and Medicare Advantage plans come at a price. Your final premium will vary based on numerous factors. One of our agents is happy to help you review your coverage options to determine which one offers you the most affordability.
Please note: Not all plans are available in all areas. Therefore, you can only enroll in a prescription drug plan offered in your community. Still, this will ensure that you can receive coverage from providers in your area.