Prescription Drug Plans
If you are currently covered by Medicare Part A (Original Medicare) or Part B, you are eligible for Medicare prescription drug coverage, known as Part D. This means that you can get insurance to pay for at least part of your prescription drugs . This benefit is available no matter how much income you have, illnesses, or how much your medication costs. Private insurance companies approved by Medicare offer Medicare prescription drug coverage. Some insurance companies operate on a national basis while others only in certain areas. Wherever you live, you can get prescription drug coverage either though a stand-alone plan that offers strictly drug coverage, or through Medicare Advantage plans that provide both healthcare services and prescription drugs. With a Medicare Prescription drug plan you will usually pay less for your prescriptions, although you will have to pay a copayment, a monthly premium, and an annual deductible.
You can sign up or change your Medicare plan between November 15 and December 31 each year, and your coverage will start on January 1st of the new year. The costs of coverage will vary depending on the plan you select, the drugs you take, and whether you qualify for extra help in paying for Part D if your income is limited. If you do not qualify for extra help, your prescription drug plan may have a “coverage gap” or “doughnut hole.” This means there is be a period of time where you will have to pay all your drug costs yourself because you have reached the dollar limit of your initial coverage as well as out-of-pocket costs such as deductibles and co-pays: a total of $4,350 in 2009. Once you’ve reached the coverage gap, you can receive “catastrophic coverage” that will continue until the end of the year, and release your from the coverage gap.
Because each senior prescription plan is a little bit different, you should take the time to research several and choose the one that offers you the best prices, the specific coverage you need, and the convenience of a nearby pharmacy or a mail-order prescription program. There are frequently substantial differences in premiums and deductibles, which drugs plans are covered, the amount of your copayment, and pharmacies they use.
Because it can be overwhelming and confusing trying to decide which prescription drug plan to choose, you may turn to one of the following resources:
On the Medicare website, you can go to the Landscape of Local Plans that will help you find Medicare drug plans by state as well as Medicare Advantage plans that include prescription drug coverage by county. You can also access the Medicare Prescription Drug Plan Finder that will let you compare specific plans to one that best meets your needs. |
