Understanding your Prescription Drug Plans Medicare options

Medicare Part D was implemented after the Medicare Prescription Drug and Modernization Act of 2003 brought prescription drug coverage into Medicare. Medicare Part D, which covers prescription drugs, is included in many Medicare Advantage Plans, or it may be obtained as a "stand alone" coverage product. When supplementing your Medicare with a Medicare Supplement Plan, a stand-alone Medicare Drug Plan can be purchased to cover your Medicare Part D covered drugs. The right prescription drug plans medicare offers can save you money.

 

All plans must cover a wide range of prescription drugs that people with Medicare take. The formularies (lists of covered drugs) do vary between insurance providers. The cost of the drugs can also vary between plans. It's important to shop for the PDP that fits your prescription drug needs and budget. Let's find the best prescription drug plan for your needs medicare has available.

 

Medicare Part D has a late enrollment penalty, which is an amount that's permanently added to your Part D premium. You may owe a late enrollment penalty if at any time after your initial Enrollment Period, there is a period of 63 days in a row when you don't have Part D or other creditable prescription drug coverage. To avoid paying a penalty: 

• Join a Medicare drug plan when you are first eligible.

• Enroll in a Medicare drug plan if you lose other creditable coverage

• Keep records showing when you had credible drug coverage. 

A great prescription drug plans medicare option is one with no penalty. We can explore the available prescription drug plans medicare provides to you.