5 Important Questions about Prescription Drug Plans
1. What are Medicare Prescription Drug Plans?
Medicare Prescription Plans add drug coverage to your existing Medicare and Medigap coverage. These plans are offered by insurance companies and other private companies approved by and under contract with Medicare.
2. How do I pay for a Medicare Prescription Drug Plan?
You will pay a monthly premium. Then you will pay the specified copayment or coinsurance amount for the drug you wish to purchase. Both of these amounts will depend on what type of plan you have.
3. Who is eligible for Medicare Part D?
Anyone with Medicare can and should get a Medicare Part D prescription drug plan.
4. Are prescription drug plans optional?
Yes, you are not required to enroll in Medicare Part D. The only problem is if you decide to enroll at a later date, not during your enrollment period, you could be charged a penalty. This penalty is an extra charge on your monthly premium and last throughout the duration of your plan.
5. Can I change or switch plans?
Yes, if you discover that one plan doesn’t meet your needs, you can switch plans during Medicare Part D open enrollment which falls between November 15 – December 31 every year. Also, Medicare will allow you to switch if you permanently move out of your plan’s service area; if you get help from your state Medicaid program paying Medicare premiums and/or cost sharing; if the plan stops offering prescription drug coverage; or if you enter, live in, or leave a nursing home.
To get more information about Medicare Supplement Insurance plans, talk to one of our Medigap plan representatives today or use our instant quote below.