In order to receive assistance with prescribed drugs from your doctor, it is beneficial to have Medicare Part D coverage. This federally sponsored program was designed to give you the additional financial support you need to get prescription medications that are not covered under Parts A or B. As the costs of health care and prescription drugs increase, more seniors are turning to Part D for help in covering their medical needs. Insurance companies approved by Medicare issue this supplemental form of coverage to help you stay active and healthy in your senior years.
If you are eligible for Medicare A or B, you can apply for a federally subsidized Medicare Part D prescription drug program, or PDP, which provides coverage for medications only. You also have the option to join a Medicare Advantage plan, which covers both prescription medication and medical treatment, to benefit from the drug coverage provided by D. To find an affordable plan that complements your current health insurance benefits, compare quotes from trusted insurance providers that offer this valuable coverage.
Medicare Part D Benefits
Preparing for your health care needs as a senior citizen is as important as preparing for your financial requirements. If you're anticipating retirement in the near future, or if you've already qualified for Medicare and you're looking for ways to reduce your medical expenses, consider adding Medicare Part D to your personal health plan. With a Part D prescription drug program or advantage plan, you can cut the costs of your prescriptions and avoid lengthy struggles to obtain the medications you need.
Although Medicare Part D is funded by the federal government, plans are administered by private or government-sponsored insurance providers that are approved by Medicare. To benefit from the advantages of this program, look for a plan issued by a reliable provider that offers affordable coverage to seniors. The benefits you receive and the cost of your coverage will vary from one insurance company to another, and from one policy to another. When you request quotes from several of the leading insurers, you can choose a plan that fits your medical needs and your budget.
Each Part D provider establishes its own list of covered drugs. This list, or formulary, does not necessarily include all of the medications that Part D will pay for. If you rely on certain products to maintain your health and prevent disease, or if you have a family history of a condition that may require specific medications, make sure these products are included on your provider's formulary.
When you're planning your health care, remember that certain drugs are excluded under any Part D program. Any product that has not been approved by the Food and Drug Administration, or FDA, will not be covered. Off-label products or products that are not available with a prescription in the United States are usually not covered. Medications that you can pay for with A or B are not covered under Medicare Part D. A plan may also exclude vitamins and other supplements, products used for cosmetic reasons, cold remedies and other items.
Costs of Medicare Part D
Out of all the money that seniors spend on health care each year, prescriptions make up a large percentage of those expenses. Whether you take medication to manage blood pressure, control cholesterol, keep your blood sugar stable or maintain your bone density, drugs for these and many other conditions are expensive. Although A and B cover much of the treatment you need, these federal plans probably don't provide for all of your needs.
The cost of a prescription drug or advantage program depends on the extent of your coverage and your income. The more extensive your benefits, the higher your premium will be. Because Medicare Part D is a federally subsidized program, income plays a part in the cost of your policy. If your modified adjusted gross income exceeds a certain level, you will pay more for coverage than a person with a lower income.
Comparison shopping is one of the best ways to find the most affordable coverage. Because premiums may vary considerably from one company to the next, comparing benefits and costs among several companies can save you a lot of money. You can request quotes from several providers by using the free online search features on our website.
With the costs of health care on the rise, every source of financial support can benefit your budget. More importantly, having affordable access to the prescriptions you need may make a difference in your health and improve your quality of life. If you've ever had to make the difficult decision of giving up a prescribed medication because it wasn't covered under A or B, a Medicare Part D plan may give you the help you need to get the treatment you deserve.
- Helps with prescription costs
- Subsidized by federal government
- Complements insurance
- Affordable even with low income
- Works with your Medicare
- Extremely low co-payments
This site helped us realize that we had a lot of options for Part D coverage that we hadn't even thought about. The plan we have now is much cheaper than our old one. Thanks!
Rita and Harry, Atlanta GA
State By State
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- Rhode Island
- South Carolina
- West Virginia