Be aware of the fact that Medicare member can get access to prescription drug coverage through Medicare Part D. It is through this plan that most seniors get their prescription drugs. Medicare members can also get medication coverage from an employer or union. What this means for members is that they can get help to pay for their Part D plan and their medication when applying for aid from the Extra Help program. Therefore anyone who gets Medicare benefits because they have become 65 or are disabled can enroll in a Medicare prescription drug program which is also called Medicare Part D. What this involves is a 7 month enrollment period, which begins 3 month before you become eligible for Medicare and ends 3 month after the month in which you became eligible. Private insurance companies sell Medicare drug programs and for each state there are a certain amount of plans to choose from.
All the plans advise you of the drugs they cover and so you should look them over to find the one which has the medication which you take. The plans cover the most widely prescribed drugs and it is possible for you to petition plans for temporary coverage of a certain drug which is not on their list and then switch plans during the open enrollment period to a plan which covers the drugs you take.
There are three cost components to the Medicare prescription drug programs – a premium, a deductible and a co-pay or co-insurance. The premium is to be paid monthly and it varies from plan to plan. There are certain plans which have a deductible that cannot exceed a certain amount. So what this means is that once you have covered the deductible then your co-pay or co- insurance is around 25% of the cost of your medication and the insurance company pays the other 75%. Keep in mind that there are programs for those on Medicare who have income below federal and state-determined limits which will pay your monthly premium and a great deal of the medication co-pays.
You need to check with your local Department of Human Services or your Social Security Office in order to find out if you qualify for the Extra Help program. Now if you happen to have drug coverage through your employer or union then you can continue to get your prescription medication through that plan and you don’t have to enroll in a Medicare Part D medication plan. However if need be you can enroll in Medicare Part D at a later time and you won’t have to pay a penalty if the coverage you have is as good as or better than the coverage that is provided by Medicare known as creditable coverage. So make sure that you get all the facts first and don’t forget to always read the fine print before signing onto any program. Also make sure the plan you agree to has your medication covered.