Medicare Part D provides prescription drug coverage to those who are on
Medicare. This program is easy to enroll in and has many options to meet
a wide variety of prescription coverage needs. Medicare Part D is
generally used as an insurance against the cost of unexpected
prescription drug bills.
Anyone who is currently enrolled in Medicare is eligible to sign up for
Medicare Part D. This plan can be enrolled in when someone first reaches
the eligibility age for Medicare or during the yearly enrollment
period. If Medicare Part D is not enrolled in when eligibility is first
reached, a penalty could be assigned. Most people who sign up for
Medicare Part D will pay a monthly premium, based on the type of
prescription plan they choose, and a yearly deductible as well as part
of the cost of each prescription. However, those who are on a limited
income have the potential to waive these premiums and deductibles by
contacting Social Security for assistance.
There are two sorts of prescription drug coverage plans available
through Medicare Part D: Medicare Prescription Drug Plans and Medicare
Advantage Plans. Medicare Prescription Drug Plans add coverage for
prescription drugs to traditional Medicare plans. Medicare Advantage
Plans combine Medicare health coverage and prescription drug coverage
and are similar to an HMO or PPO. Those who want to take advantage of a
Medicare Prescription Drug Plan must already be enrolled in Medicare
Part A or B, whereas those who want to join a Medicare Advantage Plan
must already be part of Medicare Part A and B.
Those who are choosing what kind of Medicare Prescription Drug Plan will
best meet their needs are encouraged to take a few things into
consideration when making this choice: the types of prescriptions they
have filled on a regular basis, the pharmacies they use, and the type of
coverage they deem to be necessary. There a wide variety of plans
available, each offering very specific types of coverage, so these
issues are very important to keep in mind when selecting the right plan.
To enroll in Medicare Part D, those who are eligible can fill out an
application on paper or online at the individual plan’s website or call
the company for the plan they have chosen. They can also enroll by
calling Medicare at 1-800-MEDICARE. The enrollment period for Medicare Part D is November 15th through December 31st.
