Prescription drug plan Part D is an optional coverage that would help you pay high drug costs. It covers both generic and branded prescription drugs.
Joining a Plan
Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) is a prerequisite in joining Medicare Part D. You should also reside in the same service area of your Medicare health plan you want to join.
Coverage of the Plan
Different insurance companies and Medicare plans have their formulary of medications. They choose what specific drugs are covered, but they must contain at least two prescription drugs per category. If you think about joining a prescription drug plan, pick one that suits your needs. Note that you might pay for the expense if your prescription drugs are not included in the plan.
Designated Enrollment Period
After ensuring that you are qualified to join the plan, you should enroll within the designated enrollment time. Note that you cannot join the plan outside of the scheduled enrollment.
You may want to think about joining a Medicare drug plan once eligible to protect against penalties in the future. If not, secure your expenses by having other prescription drug coverage that meets your needs. Joining the plan at a later period may lead to an additional monthly payment in your plan.
Before joining a prescription drug plan, choose the best option for your drug coverage that meets your needs. Consider enrolling early and read your plans before signing up to avoid future issues.
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