What You Should Know about Medicare Prescription Drug Plans

If you are enrolled in the original Medicare and Medicare Supplement Insurance plans, chances are you are, and these plans do not cover prescription drugs. But you don’t have to worry because you may still get the Medicare Part D Prescription Drug Plan.
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You must also remember that if you do not enroll immediately, you might have to pay for a late enrollment penalty. The best thing you can do to prevent this is to familiarize yourself with the insurance plans and enroll as soon as you are considered eligible.

​Eligibility for the Medicare PDP
You are eligible for the Medicare Part D plan if you are enrolled in the Original Medicare plan or you live in an area the service is available. However, if you are enrolled in Medicare Part C which provides prescription drug coverage, you cannot enroll under Medicare Part D. As long as your Medicare Advantage plan does not provide you with prescription drug coverage, you are eligible for enrollment in Medicare Part D.

Time of Enrollment
It is recommended that you enroll in the coverage for prescription drugs once you become eligible. If you are 65 years old or older, you are eligible for enrollment during the Medicare Initial Enrollment Period. This time begins three months before your 65th birthday and ends three months after you turn 65.
On the other hand, if you are younger than 65, you first become eligible for the Part D Plan the moment you become eligible for Medicare. You would qualify for Medicare if you acquired a disability or medical condition that is covered by the plan.

Coverage of the Medicare PDP
Each Medicare Prescription Drug Plan gives you a list of covered drugs which they call a formulary. This places the drugs into tiers. A drug included in the low level costs less than a drug found at a higher level.

Costs and Payments
As you enroll in the Medicare Prescription Drug Plan, you are going to have to pay monthly fees which include the monthly premium of the plan, the yearly deductible, and the copayments or coinsurance.

The specific amount you will pay will also depend on several factors which include the kind of your drug’s tier, the PDP you enrolled in, if you went to a pharmacy within the plan’s network, and if the drugs you used are in the formulary.

At Simplified Insurance Solutions, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 340-7633. Get your free quote today by CLICKING HERE.