In 2006, Medicare Part D coverage went into effect. This is the portion of the Medicare program that helps senior citizens pay for prescription drugs. Everyone who qualifies for the program, regardless of income, health or medications used, can get this coverage.
It provides for generic prescriptions as well as brand names. Although most pharmacies participate in the program, it is not a requirement, so it is recommended that you check with the pharmacy before filling your prescription. Medicare prescription coverage was created to protect people from the high cost of the drugs needed to maintain their health and from unexpected bills in the future.
You can sign up for Medicare Part D coverage when you first become eligible for the program. This is three months before your 65th birthday. If you qualify for Medicare before you turn 65 due to illness, disease, or disability, the prescription plan is available three months before the 25th month of disability payments. A penalty will be levied if you sign up later than the initial eligibility period.
The prescription drug plan can be joined as an individual component of the plan or you can join one of the Medicare health plans that offer drug coverage. This includes the Medicare Advantage Plan.
Your decision on how to take advantage of the benefits offered by Medicare Part D coverage depends greatly on what type of health care coverage you currently carry. Whichever option you choose, this part of the program will help cover the cost of generic and name brand drugs at a pharmacy that is convenient for you.
As in other insurance plans, a monthly premium must be paid as well as a portion of the cost of the prescription and an annual deductible. Out of pocket expenses will vary based on the plan you choose.
Beneficiaries who have limited resources and are considered low-income may qualify for additional assistance. This includes having the premium or deductible waived. The Social Security Administration can provide more information on the criteria that needs to be met.
Medicare Part D coverage, effective in 2006, was developed to help provide peace of mind to seniors in the event of unexpected or high drug expenses. Even if you do not currently require a lot of prescription drugs now, it is still a wise decision to join. In the event of a significant change in health status, it can protect you from the extraordinary costs of prescription drug bills.