Forty percent of Medicare beneficiaries over 65 take about five or more prescriptions a day. This is a big number, but it emphasizes the necessity of a prescription drug insurance policy. That is why almost 74 percent of Medicare beneficiaries are signed up for Medicare Part D.
Every Medicare beneficiary can get this optional health coverage to help reduce the cost of prescription drugs. If you’re interested in getting this type of coverage, here is how you can do so through Medicare!
Ways to Get Medicare Prescription Drug Coverage
Before signing up for Medicare Part D, you must be enrolled in Part A and/or Part B. You can then get prescription drug coverage through a standalone Medicare Part D plan since Original Medicare does not provide prescription drug coverage. However, it is possible for Part B to cover a limited amount of outpatient prescription drugs. In this case, Part D won’t cover what Part B already covered.
It’s also possible to get prescription drug coverage through some Medicare Advantage plans, such as Special Needs Plans (SNPs). A Special Needs Plan is actually required by Medicare to provide prescription drug coverage. However, other Medicare Advantage plans can vary when it comes to providing this coverage.
Regardless of how you choose to get this coverage, it will help you by covering generic and brand-name drugs. Now, to figure out which exact prescriptions will be covered by a Part D plan, you need to take a look at its formulary. Each Medicare Part D plan has a formulary, which is the list of medications the plan covers. Prescription drug coverage varies from one plan to another, but each plan must cover at least two drugs from each class. Part D plans must also cover the drugs that fall under these specific categories:
- HIV/AIDS medications
To learn more about which prescriptions are covered by a specific Part D plan, reach out to us today! We can help you compare all your options.
How to Enroll in Medicare Part D Plan
As discussed earlier, you need to sign up for either Part A and/or Part B first. Then you can find prescription drug plans in your area. As a new Medicare beneficiary, you have a 7-month Initial Enrollment Period that starts three months before your 65th birthday month. This is the same period that allows you to enroll in Part A and B. And, unless you already have creditable prescription drug coverage, enrolling past this Initial Enrollment Period is not always recommended!
Now, suppose you do choose to enroll in Part D later. In that case, you can do so during the Annual Enrollment Period (October 15 to December 7). But, keep in mind that you could face a late enrollment penalty.
Should I get a Medicare Part D Plan?
Even if you don’t currently take that many prescriptions, you should still consider signing up for a Part D prescription drug plan. Now, this is still an optional plan you don’t have to opt for, but having this coverage already in place for those “what ifs” in life can provide a real sense of security and protection.
Have further questions about Medicare Part D prescription drug coverage? Medigap Supplement Headquarters has experienced Medicare professionals that can get all your questions answered. Contact us today!