Seniors have been more dependent on prescription drugs more than any other generation. Prescription drug coverage changes for old age 65 and up because they are finally qualified for Medicare. However, the original Medicare does not include prescription drugs.
In 2006, Medicare started offering Part D of its plan, which is coverage for prescription drugs. Insurance companies authorized by Medicare offer this plan. It is essential to sign up on time to avoid penalties, usually around the senior's 65th birthday.
Drug Coverage before and after signing up for Prescription Drug Plan
Prescription drug coverage for elders often emerges from an employer group plan in case the elder is still working. An individual health insurance plan also includes prescription coverage as a benefit. There is no need to search for another prescription drug insurance plan.
Two ways to sign up for the Prescription Drug Plan:
Prescription Drug stand-alone plans
There is an option to enroll separately for Part D during the initial enrolment. The Prescription Drug plan covers generic and brand-name drugs, covering the same drug categories for asthma or diabetes. Providers can choose a particular drug in each category.
Each Prescription Drug Plan has a set of lists of medicines included in its coverage. It changes yearly and even quarterly. Several prescription drugs have restrictions; they mostly use generic and affordable brand-name drugs before using expensive ones.
Medicare Advantage with Prescription Drug plan
A significant portion of the Medicare Advantage Plan includes the Prescription Drug plan in their coverage. Like the Part D stand-alone plans, Medicare Advantage Plans have their own set of lists of medicines and have their restrictions.
They offer free drug coverage premiums but can still charge for an inclusive premium for the whole plan. Ensure that the Medicare Advantage plan has already included a Prescription Drug plan to avoid double payments.
Costs of Prescription Drug Plan
Expenses included in a Part D plan:
A medicare savings program called "Extra Help" covers other costs if the insured meets the requirements. Always be mindful that these costs change, and there is no final cost for these plans.
At Medicare Simplified KC, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (816) 701-6661 or Click Here to request a free quote.