Prescription Drug

If you need prescription drug coverage and are approaching retirement age, a prescription drug coverage policy paired with Original Medicare benefits would be perfect for you. Although Original Medicare itself does not include prescription drug coverage benefits, you can purchase said benefits through their Part D prescription drug coverage program.

This is everything you need to know about Medicare’s prescription drug coverage option.

What Is Part D?

Part D of Medicare is the component of the Medicare system that helps members pay for their prescription medications. The drugs that are covered under any given policy will vary, but typically you will have access to at least two drugs for each major category of illness. This coverage is not automatically initiated when you enroll in Medicare, therefore you will need to apply separately.

Part D Benefits

Your Part D coverage will provide you with affordable access to the drugs you need to treat diagnosed illnesses. Part D plans are offered by private insurance companies, therefore you may discover that there are a number of different benefits structured available to you. In most cases, you can find plans that have one generic drug and one brand name drug for each major category. Specialty drugs are also available under some plans, but not all of them. Speak with an insurance agent to determine which Part D policy is best for you.

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Part D Enrollment

Enrolling in Part D benefits is easy, as all you need to do is submit an application once you become eligible. Upon acceptance, you will be able to choose from a variety of different plans. The Initial Enrollment Period, which begins three months before you turn 65 and ends three months after, is the best time to enroll. During this period, insurers cannot enforce underwriting requirements and you are more likely to find better rates.

Furthermore, enrolling during the Initial Enrollment Period can also help you avoid lapses in coverage, as the only other time you can enroll is during the soonest Open Enrollment Period. These occur annually and in some states, multiple times a year. If you are unable to rely on either of these options, you can also check to see if you qualify for a Special Enrollment Period. These are only granted under certain circumstances, so check with an insurance agent to see if you can use one to enroll sooner than usual.