Medicare Part D
Medicare Part D* is a coverage offered under Medicare that gives everyone on Medicare access to prescription drug coverage. Individuals may get coverage under Medicare Part D by working through private insurance providers who offer Medicare Advantage plans or supplementary Medicare Part D plans.
As is the case with traditional insurance policies, you will need to meet with an insurance agent and decide on the terms of your coverage. Medicare Part D coverage is considered an enhancement of standard Medicare coverage, so additional premiums may apply.
Get the Prescription Drug Coverage You Need Now
When deciding how to join Medicare Part D you'll need to examine how you currently pay for your drugs and how you get Medicare coverage. Before you begin, ask yourself:
- Do I have Original Medicare only?
- What about Medigap plans?
- Am I covered under retiree or union coverage?
Medicare part D is designed to work with your existing coverage as a supplement, so understanding what you currently have is the most important first step. Once you know this information you can set about choosing a Medicare Advantage plan that is open to you based on your current coverage. These plans will offer HMO or PPO options for prescription drug coverage. You'll then need to look at deductibles, co-pays and premiums involved to find a plan that works within your budget.
Considering Discounts or Savings on Medicare Part D
Consider asking your insurer about what plans and discounts available if you have a specific disease or if you're on a fixed or low-income set of coverage currently. Some areas have additional programs available that may cover up to 95% of your prescription drug costs based on need. The federal Medicare website also offers tools that can take your current patient information and help you chart a path of coverage that fits your needs. Also, be sure to consider external factors, such as travel distance, so that you can get to a pharmacy nearby and stay within network.
With the variety of options available today for Medicare supplement coverage it pays to stay informed. You can save yourself a significant amount of time and money. Think about all the factors of your health and ask questions. You are your own best advocate.