Information Provided by a Medigap Policy Representative
Medicare prescription drug plans (or Medicare Part D plans) pay some of the costs for prescription drugs at participating pharmacies in your area.
In 2003, the federal government enacted the Medicare Prescription Drug, Improvement, and Modernization Act so that Medicare recipients could participate in federal subsidies to lower their prescription drugs costs.
Everyone enrolled in Medicare Part A or Medicare Part B is eligible for this coverage, regardless of income and resources, health status, or current prescription drug expenses. The program is voluntary and can be especially helpful for people who have high prescription drug costs and no current prescription drug coverage. Medicare prescription drug plans pay for generic and brand name prescription drugs. As with Medicare Part B, there are monthly premiums, deductibles, and co-payments. To receive this benefit, you must pick a plan offered by a Medicare-approved private insurance company.
There are two options when it comes to obtaining Medicare prescription drug plan coverage:
Medicare Prescription Drug Plans
These plans (sometimes called PDPs) add prescription drug coverage to Original Medicare, some Medicare Cost Plans, some Medicare Private Fee-for-Service (PFFS) Plans, and Medicare Medical Savings Account (MSA) Plans.
Medicare Advantage Plans
These plans, often offered by HMOs and PPOs, also provide Medicare prescription drug coverage. Through these plans you get all of your Medicare Part A and Medicare Part B coverage along with prescription drug coverage (Medicare Part D).
Anyone’s health can turn on a dime, so if you’re lacking in adequate prescription drug coverage it’s important to join a Medicare prescription drug plan as soon as you become Medicare eligible. Otherwise, you can be assessed penalties you don’t want to pay, and if you miss your Medicare prescription drug or Medicare Part D enrollment deadline you’ll have to wait until the next Medicare Annual Enrollment Period before you can enroll for coverage starting the next calendar year.
At MedicareMall, we consider every client’s unique situation in order to find the best Medicare prescription drug plan and Medicare supplements for everyone. Contact MedicareMall now and we will be eager to answer your questions and to make sure you’re on your way to getting the prescription drug plan and Medigap supplement insurance that best suit your needs.
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