To help defer expenses for medications, Medicare prescription drug coverage can be used.
To take advantage of the benefits, your prescriptions must be filled at a pharmacy that participates in the program.
If you have qualified for Medicare Part A and B, you eligible for Part D, regardless of current health status, pre-existing conditions, income or resources.
It helps reduce the costs related to prescriptions that are exorbitantly expensive and for those who take several medications each month, with no drug coverage.
Enrollment in Medicare Part A, which pays for hospitalization and related services, is automatic.
Part D is voluntary and you must enroll.
Medicare prescription drug coverage, or Part D as it is also known, pays a certain percentage for both brand name and generic prescriptions.
To take advantage of the benefits of this portion of the program, you can select one of the options that is offered by a private insurance provider and approved by Medicare.
If your medication expenses are covered through an existing group plan that is sponsored by your employer, you may decide not to enroll in the Medicare program immediately.
Each year you will be notified as to how your existing plan measures up to the Medicare option.
A supplement drug plan may be an option if the group plan is not as comprehensive.
The administrator of your current plan will be able to provide you with some of the options that best meet your needs.
It is not a requirement that your employer retain your current coverage.
If they drop you from the group plan, you will be able to join the Medicare prescription drug coverage plan.
They also have other options.
They can continue your existing coverage and coordinate with Medicare Part D.
This would require you to participate in the original Medicare plans.
They could also offer coverage that enhances the Medicare options.
They may pay some of your out of pocket expenses once you are enrolled in the program.
Although Medicare prescription drug coverage is helpful if your current medications costs are high, it is also a good idea to enroll even if you do not require many medications.
It is financial protection against unforeseen circumstances that could substantially increase your expenses overnight.
If you are eligible for Medicare Parts A and B, you will be eligible for Part D, which helps you pay for your prescription drugs.
Unlike Part A, there is no mandatory enrollment.
If you have union or employer sponsored coverage, talk with the administrator to find out what your best plan options are.