The advancements in medicine in the last century has resulted in people
living longer. As they age, many experience various ailments and have
prescription medicine prescribed to them by their physicians to help
with their symptoms. For people over 65 who maintain their health by
relying on medication, these prescriptions can be somewhat costly,
making them out of reach for some.
Established in 2006, the federal program Medicare introduced a new
element to its benefits to address this issue. It is the Medicare
Prescription Drug Coverage Plan, also identified as Medicare Part D,
which provides prescription drug insurance for anybody who qualifies.
Receiving coverage from Medicare Part D is not automatic, one must first
meet certain criteria and then fill out the necessary application in
order to join a Medicare drug plan.
An individual must be a Medicare recipient, to become eligible. For
those receiving benefits, there are two separate types of private plans,
the Medicare Prescription Drug Plans and the Medicare Advantage Plans.
If a person has Medicare Part A or Medicare Part B, then they qualify
only for the Medicare Prescription Drug Plan. The Prescription Drug Plan
is for those with the conventional Medicare plan. It only covers
prescriptions.
Medicare Advantage Plans are similar to an HMO or a PPO medical plan.
There are several providers to choose from for sign up. It is best to do
your homework on these companies and evaluate all your current or
immediate future needs. An online tool is available to make this task
easier. Also, know, if an individual has Medicare Part A and Medicare
Part B, then they qualify for both the Medicare Prescription Drug Plan
and the Medicare Advantage Plan. So one should take all these facts into
consideration when making a final decision.
It is said that "enrolling in prescription drug coverage is optional".
This is true unless an individual is currently getting their drugs
through the Medicaid program. Enrollment in either program takes place
from November 15 to December 31. Then one must remain with their chosen
provider for a year because they have entered into a contract. Beginning
in the year 2011 the enrollment period will change to October 1 to
December 7 of each year.
Besides the 27.6 million beneficiaries, Medicare expects for many more
Americans to take advantage of this plan in years to come, as the costs
of prescription medicine continues to rise.
