If you think that prescription medications have to cost an arm and a leg, think again! With Medicare Part D, a plan provided by your insurance company to cover the costs of prescription drugs, your prescriptions may cost you next to nothing. In fact, many people who qualify have 95 percent of their prescription drug costs covered by Medicare Part D. With the rising costs of prescription medications, having good coverage is more important than ever.
One way to get Medicare prescription drug coverage is through a Medicare Prescription Drug Plan, or PDP. To apply for a PDP, you must first be enrolled in either Medicare Part A or Medicare Part B. You may also obtain coverage by choosing a Medicare Advantage Plan. To be eligible for a Medicare Advantage, you must first be enrolled in both Medicare Part A and Medicare Part B.
When choosing a Medicare drug plan, a little research can go a long way. You may qualify for additional savings on your Medicare drug plan and not even know it, so it’s important to identify all of your options before selecting a plan. Monthly premiums vary from plan to plan, and a number of factors, such as your income, may play a role in determining how much you’ll pay. If you’re a veteran or Native American, you may be a candidate for additional savings on your prescription drug costs.
The type of insurance you have may further affect the type of Medicare plan you choose. If you have employer or union health coverage, for instance, your benefits may differ from those of someone with a MediGap policy. The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a law that may allow you to keep your benefits temporarily after you, a spouse, or a dependent has been dropped from coverage. In addition, if you currently receive coverage from the Federal Employee Health Benefits Program (FEHBP), you can add Medicare Part D to the benefits you already enjoy.
Your Medicare supplement plan may or may not cover your drug costs. If it doesn’t, Medicare Part D can be a great way to ensure that you’ll have the coverage you’ll need when you need it most.
To learn more about getting the most out of your Medicare plan, visit www.MedicareSupplementsForYou.com, or call toll free 1-800-725-1881 and ask for Steve Richardt!
