What You Need To Know About Prescription Drug Plan

​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. 

• Initial Enrollment Period: Consists of seven months that starts three months before turning 65, your birthday month, and the next three months after. This schedule may vary if you are eligible due to a qualifying disability. 
• Annual Enrollment Period: From October 15 to December 17, you can join, change to another plan, or withdraw membership. 
• Medicare Advantage Open Enrollment Period: From January 1 to March 31, you can return to Original Medicare by withdrawing your Medicare Advantage Plan. Furthermore, during this time, you can join a separate prescription drug plan.   
• Special Enrollment Period: This period applies when certain circumstances such as changing out of your current drug plan’s service area and others. 

Late-enrollment Sanction
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.  

Conclusion
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. 

At The Medicare Space, 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 (866) 717-8683. Get your free quote today by CLICKING HERE.