A Complete Guide To Medicare Prescription Drug Plans
A drug plan through Medicare is designed to help you cover the costs of your medication. Prescriptions can be expensive without insurance and most people simply can’t afford to pay out of pocket.
If you are a member of a Medicare plan, you will have access to various types of coverage depending on the availability in your state. The plans available to you will depend on several factors including income and the state that you live in.
Medicare prescription drug plans will ensure that you must have a least two drugs in most categories while allowing you to have a choice. Our list below will show you everything you need to understand about these plans and how to use them to your advantage.
Obtaining A Medicare Plan
You can get this plan two different ways. You can apply for the Medicare Advantage Plan or obtain a Part D plan. Medicare prescription drug plans and Medicare Advantage Plans can be enrolled in when consumers first begin Medicare, during the Annual Election Period or under other Special Election Periods. In addition, you can’t get a Part D or a Medicare Advantage Plan without first applying and being approved for an original Medicare plan.
As you can see, this process can get complicated, and if you don’t accurately follow this process, you can get late enrollment penalties, and other issues can also occur. Medicare prescription drug plans make it easy for anyone to have access to medicine when they need it. As long as you are a US citizen or a permanent resident who has paid into Social Security, you’re good to go.
Understanding Coverage With A Medicare Prescription Drug Plan
A Medicare prescription drug plan will cover the cost of prescriptions for people with chronic illnesses, those who have fallen ill unexpectedly, and those of us who simply need medicine on a case by case basis. Part D drug plans may require consumers to try generic medications before certain brand medications are approved.
The other area you need to know is that these plans include prescription drugs that have been organized and placed into tiers. These tiers are organized according to costs. For example, the first tier has the lowest co-pays and will primarily cover preferred generic brands. In most cases, the second tier covers non preferred generics. The third tier will charge a higher co-pay and preferred cover brand-name drugs. Finally, the last group has a high co-pay and will cover expensive specialty medicines. The co-pay here is higher because you’re on the highest tier.
A Medicare Prescription Drug Plan Can Help You
There are many different Part D drug plans you can choose. Seek out a highly rated independent Medicare Insurance broker to help you select a plan that works for you. A Medicare prescription plan can help you meet your needs and stay within your budget to ensure that you have kept your drug costs to a minimum. In addition, a skilled Medicare Insurance broker will review your coverage annually to ensure you don’t overpay for medications.
