Medicare prescription drug coverage can assist with the cost of necessary medications. All Medicare recipients are given the opportunity to participate. You should think about enrolling in Medicare Part D even if you don’t currently need prescription medication. You may be subject to a late enrollment penalty if you decide to enrol in a plan after missing your initial enrollment period and you don’t already have creditable prescription drug coverage (such as drug coverage from your employer or union) or qualify for Extra Help to offset the cost of your prescriptions. In most cases, this fee will continue to accrue for as long as you continue to receive Medicare prescription drug coverage. In order to receive Medicare drug coverage, you must enrol in a Medicare-approved drug coverage plan. The drugs covered by a given plan and how much they cost can be different for each individual company.
There are 2 ways to get Medicare drug coverage:
1. Various drug coverage options for Medicare beneficiaries. Supplementing Medicare Parts A and B, Medicare Cost Plans, Private Fee-for-Service, and Medical Savings Accounts with prescription drug coverage. Surely you have
and/or
to sign up for a Medicare drug plan separately.
2.
or other
with drug coverage. The plans cover everything from Medicare Parts A and B to prescription drugs. Keep in mind that not all Medicare Advantage Plans include drug coverage, and that you must have both Parts A and B to join.
One must be a citizen or lawful permanent resident of the United States to enrol in a Medicare drug plan, Medicare Advantage Plan, or other Medicare health plan that includes drug coverage.
Visit Medicare.gov/plan-compare to get specific Medicare drug plan and Medicare Advantage Plan costs, and call the plans you’re interested in to get more details. For help comparing plan costs, contact your State Health Insurance Assistance Program (SHIP).
6 things to look for when choosing Medicare drug coverage.
How to join a drug plan
Here’s how to get prescription drug coverage once you’ve decided on a Medicare drug plan:
- Enroll on the Medicare Plan Finder or on the plan’s website.
- Fill out an application form manually.
- Get the strategy on the phone.
- Simply dial 1-800 MEDICARE to reach us (1-800-633-4227). TTY: 1-877-486-2048.
A Medicare Number and the effective date of your Part A and/or Part B coverage will be required when enrolling in a Medicare drug plan. This information is on your Medicare card.
Consider all your drug coverage choices
Find out how your prescription drug coverage interacts with your other drug coverage before making a choice. For instance, you might be covered for prescription drugs through your workplace or union, TRICARE, the VA, the Indian Health Service, or a Medicare Supplement Insurance (Medigap) policy. Check your current drug coverage against Medicare’s. Medicare drug coverage could affect your current drug coverage, so it’s important to look at all of your choices.
Make sure you read everything sent to you by your insurer or plan provider if you have (or are eligible for) additional forms of drug coverage. Before making any changes to your current coverage, be sure to consult your benefits administrator, insurer, or plan provider.
Joining a Medicare drug plan may affect your Medicare Advantage Plan
You can usually get prescription drug coverage through your Medicare Advantage Plan. You can enrol in a Medicare drug plan even if your health insurance plan doesn’t cover prescription drugs. This includes Medical Savings Account plans and some Private Fee-for-Service plans. By joining a Medicare Part D drug plan in addition to your HMO, HMO-POS, or PPO, you will be automatically disenrolled from your Medicare Advantage Plan and returned to Original Medicare.
You can only join a separate Medicare drug plan without losing your current health coverage when you’re in a:
- Private Fee-for-Service Plan
- Medical Savings Account Plan
- Cost Plan
- Certain employer-sponsored Medicare health plans
If you have concerns about the future of your current health insurance, you should get in touch with your provider.
