Have you been looking around for the right understanding of your drug coverage plans? This blog is there as a “Medicare guide for Drug coverage” and all the sources you need to know about it.
If you are holding a Medicare package, you certainly need to make a decision about prescription drug coverage which will be an addition to your existing healthcare package. Medicare Prescription Drug Plan, also known as “Part D” will help you pay for brand-name and generic drugs. In order to join Medicare prescription drug plan, either Medicare part A (Hospital Insurance) or Medicare part B (Medical Insurance) is mandatory. You can avail the drug coverage by either of the following 2 ways –
- Using Medicare Prescription Drug Plans (also called “PDPs”) – These will serve as an addition to Original Medicare, Medicare Private Fee-for-Service (PFFS) Plans, Medicare Cost Plans, and Medicare Medical Savings Account (MSA) Plans.
- Medicare Advantage Plans such as HMOs or PPOs or other Medicare health plans offer prescription drug coverage. Generally, you are expected to get all your Medicare Part A (Hospital Insurance), Medicare Part B (Medical Insurance) and Part D through these plans.
One important aspect for Medicare drug plans is that it must give at least a standard level of coverage provided by Medicare. There is a sure difference in the nature of coverage and costing of every drug plan. The difference may lie in the prescription drugs it covers, what you are expected to pay, and which pharmacies can be used by you. So, for best drug plan coverage, it is advised you compare plans in your area and decide depending upon your needs.
In case you do not join a drug plan with your first eligibility for Medicare and you do not have a drug coverage, then on an average, you may have to pay a lifetime late enrolment penalty at a later stage when you join. Also, this penalty will a plus with the amount of your monthly premium amount.
We recommend going through all the necessary information you require when you are eligible for drug coverage or if you already have one. Book your queries at Medicare with industry experts or get in touch with your insurer, administrator or plan provider.
“Drug coverage is a category of insurance. Doctor samples, discount cards, free clinics, or drug discount websites are not accountable as a part of drug coverage.”
Point of contacts –
- To get in touch with experts in order to know plans for your area and related information, visit the Medicare Plan Finder at Medicare.gov/find-a-plan
- For FREE personalized health insurance counselling – Call SHIP (State Health Insurance Assistance Program). Find most updated SHIP phone numbers, visit at – shiptacenter.org or call 1-800-MEDICARE (1-800-633-4227). TTY users can call 1-877-486-2048.
- PDF GUIDE – https://www.medicare.gov/Pubs/pdf/11109-Your-Guide-to-Medicare-Prescrip-Drug-Cov.pdf