For many Medicare recipients, prescription drug plans are important in maintaining a healthy lifestyle. Not only this, but prescription drug costs can drain finances, so having proper coverage in place can be quite beneficial.
Fortunately, Medicare Part D plans can provide this coverage. But how can you qualify for a Medicare Part D prescription drug plan? Let’s find out.
Generally, if you are eligible for Medicare, you also qualify for a Medicare Part D prescription drug plan. To enroll in a Medicare Part D plan, you can be enrolled in Medicare Part A and/or Part B and live in the service area of the Medicare Part D plan you want to enroll in. Now, there are two ways you can get prescription drug coverage through Medicare – through standalone Part D plans, which you can have alongside your Original Medicare coverage, or through a Medicare Advantage Prescription Drug plan.
Do note that if you don’t sign up for Medicare Part D when you first qualify and don’t have creditable prescription drug coverage, you could face a late enrollment penalty.
Everyone with Medicare qualifies for this coverage, regardless of health status, current prescription expenses, or income and resources. You usually pay a monthly premium, which varies depending on plans. You may also be required to pay an annual deductible.
Each Part D plan will have a list of prescription drugs it covers, which is known as a formulary. These formularies will include coverage for both generic brands and brand-name drugs, covering at least two prescriptions from each category and class.
If you qualify for a Medicare prescription drug plan, there are certain periods when you can sign up:
Initial Enrollment Period. Generally, you can enroll in a Medicare Part D plan during your Initial Enrollment Period (IEP), which is a seven-month period that surrounds your 65th birthday month.
Annual Enrollment Period (AEP). During the Annual Enrollment Period, you can enroll in a Medicare drug plan or change Part D plans between October 15th to December 7th every year.
Special Enrollment Period (SEP). A Medicare recipient can enroll or make changes to their Medicare Part D plan if they qualify for a SEP. For example, you can qualify a SEP if you moved to a new area and lost your current coverage but now need new coverage.
If you have more questions about your eligibility for Medicare Part D, contact My Healthcare Direct today! We are ready to help you find the coverage you deserve.