How to get prescription drug coverage
Medicare drug coverage helps pay for prescription drugs you need. It’s optional and offered to everyone with Medicare. Even if you don’t take prescription drugs now, consider getting Medicare drug coverage. If you decide not to get it when you’re first eligible and you don’t have other creditable prescription drug coverage (like drug coverage from an employer or union) or get Extra Help, you’ll likely pay a late enrollment penalty if you join a plan later. Generally, you’ll pay this penalty for as long as you have Medicare drug coverage. To get Medicare drug coverage, you must join a Medicare-approved plan that offers drug coverage. Each plan can vary in cost and specific drugs covered.
There are 2 ways to get Medicare drug coverage:
1. Medicare drug plans add drug coverage to Original Medicare, some Medicare Cost Plans, some Private Fee-for-Service plans, and Medical Savings Account plans. You must have Medicare Part A and/or Part B to be eligible for these plans.
2. Medicare Advantage Plan (Part C) or other Medicare Health Plan with drug coverage. You get all of your Part A, Part B, and drug coverage, through these plans. Remember, you must have Part A and Part B to join a Medicare Advantage Plan, and not all of these plans offer drug coverage.
To join a Medicare drug plan, Medicare Advantage Plan, or other Medicare health plan with drug coverage, you must be a United States citizen or lawfully present in the United States.
Things to remeber when purchasing a Part D drug plan
If you have a Medicare Advantage Plan and sign up for a stand alone Part D drug plan it will automatically disenroll you for the Advantage plan. If you need a Part D plan and want an Advantage plan as well you should pick one that include drug coverage.
All Part D drug plans have a formulary (list of covered drugs) specific to that plan, be sure to make sure your drugs are covered by the plan you choose.
We can help you find the right plan for you and do fast enrollments
We are a full service Life/Health/Retirment Planning agency located in Lafayette Indiana, although we are licensed to do business in Illinios, Michigan, and Texas as well. We strive to have one of the largest portfolios available to independant agencies like ours so that we can always offer our clients the best value for thier hard earned money.