Helping You Cover Prescription Costs
If you are someone who relies on medications in order to maintain your health, you probably wouldn’t mind some help with prescription costs. That’s the idea behind the prescription drug plan (PDP), a program created by the government to help Medicare-eligible citizens cover the cost of medications.
You might be familiar with other parts of the complete Medicare experience: Medicare Parts A, B, and C (known as Medicare Supplements). The prescription drug plan is considered Part D, and much like the other “parts” of Medicare, there are some rules and regulations you’ll need to keep in mind before you enroll.
For starters, there is a very specific period of eligibility when starting a plan for the first time or changing an existing plan: three months before your birth month, your birth month, and three months after your birth month. There’s also an “Open Enrollment Period,” which takes place from October 15 through December 7th. During this period, you can also enroll in or change medicare prescription drug plans.
Benefits of Prescription Drug Plans
If you haven’t set aside savings specifically for future prescription costs, the benefits you will see from medicare drug plans are fairly substantial. You’ll pay a monthly premium and find most of the cost of your prescriptions covered, depending on the tier level of the medication you are prescribed. The lowest tier covers preferred generic medications. The highest tier is devoted to specialty drugs, which are difficult to manufacture and thus cost more.
Once you’ve met the deductible for your prescription drug plan, you’ll no longer have to pay the discounted rate for your prescription. Instead, your cost will drop to simply paying the prescription co-pay if any.
Do you need more explanation about prescription drug plans? Reach out today by calling 888-881-8832. We’re here to help answer any questions you may have about Medicare.