Medicare approved prescription drug plans, also called Medicare Part D, but they are offered by private health insurance companies. If you do not get this coverage when you first become eligible, you may have to pay a late enrollment penalty. All plans have to conform to state and local insurance rules, but they are different because of the types of drugs covered and the amount of coverage. To give you even more choices, some insurers even offer tiered plans with different levels of coverage.
Are you confused about which Medicare prescription drug plan you should enroll in? At Trusted Senior Specialists, our professional and experienced senior health insurance agents want to help. You can choose to use the Medicare health insurance quote form or call us at 1-855-474-6234 for assistance. If you can give us a list of your prescriptions and tell us where you live, our agents can find local plans that save you the most money and give you the best access to the medication you need.
How to Get Medicare Prescription Drug Coverage?
There are two ways to get Medicare prescription Part D plans:
- • Stand-alone: On their own, Part D Plans, sometimes called PDPs, add prescription drug coverage to original Medicare. People who have original Medicare, a Medigap policy, or a Medicare Advantage plan without drug coverage might purchase a PDP.
- • With Medicare Advantage: Some Medicare Advantage (MA) plans, usually HMOs and PPOs, package Part D prescription drug coverage with health insurance. If your MA plan includes drug coverage, you do not need to buy a separate prescription policy. In fact, if you do sign up for a Part D plan, and your Part C (MA) plan already has prescription coverage, you could get disenrolled and returned to original Medicare.
Which Drugs Are Covered?
Typically, insurers encourage their members to get generic drugs whenever possible. With some newer drugs, that is not possible, and brand names are still covered, but they are usually not 100 percent covered. In any case, each plan or insurer has something called a formulary. This is a list of specific generic and brand name drugs that the plan covers. These lists of covered drugs are covered, and we can help you compare them to find the ones that meet your needs the best.
How much does Medicare Part D cost?
Each plan has a monthly premium, and you may have this deducted from your social security in the same way that your Part B premium gets deducted. If you join an MA plan that already includes prescriptions, you just pay the additional premium (if any) for your MA plan. Typically, prescription policies with higher coverage levels may have higher premiums. We can help you compare prices, plans, and covered drugs at any time.
For many Medicare recipients the cost of their medications is more important than the Part D premium.
The cost of prescription medication will depend upon two things:
- The medication that you need
- The plan you select
The future of Medicare Part D Prescription Drug Coverage
You may have heard of the infamous “donut hole.” This is a coverage gap when people who need to spend a lot of money on their prescriptions have to pay more for them. The good news is that the donut hole is slowly closing. In fact, a positive impact of ObamaCare on Medicare is that this gap will start shrinking in 2014, and it should be totally closed by 2020.
Let us help you find the best Medicare Part D Prescription Drug Plan for you!
At Trusted Senior Specialists, our experienced senior health insurance agents know how to compare lists of covered drugs and each client's medications to find the best solution. The right answer will depend upon where you live, the medication you take and your budget. Our goal is to help each of our clients find the right Medicare supplements, Medicare Advantage, and/or Part D plan.
Contact us at your earliest convenience for answers to your questions and help enrolling. Our toll-free number is 1-855-474-6234 or you can email us firstname.lastname@example.org. We offer free competitive insurance quotes from multiple top-ranked health insurance companies, and we can also help you with other types of health insurance and senior life insurance policies.