Coming from the group or individual market, most newly senior persons are used to drug coverage being part of the package. However, quickly boomers learn that Original Medicare does not provide prescription coverage. Here are the things you need to know about Medicare Part D, AKA Prescription Drug Plans.
Two Ways to Get Medicare Drug Coverage
- 1)Medicare Part D These plans add drug coverage to Original Medicare, Medicare Supplement Plans, AKA Medigap, and other qualified insurance plans.
- 2)Medicare Advantage Plan (Part C) Some plans offer your Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) coverage, and prescription drug coverage (Part D).
Prescription Drug Enrollment
You are first eligible to enroll in Part D when you are first eligible for Medicare. This 7 month initial enrollment period runs from the 3 months before your 65th birthday, the month of your 65th birthday, and for three months after. If you don’t enroll in Part D when you are first eligible you are subject to a penalty. Click here if you’re ready to sign up today for Medicare Prescription Coverage.
Can I Keep My Current Insurance?
Depends. You may be able to keep current coverage from a union or employer if it’s considered creditable insurance without having to switch over to Medicare’s prescription coverage. If this is the case for you, you should be able to switch later to Part D without having to pay the normal penalty for late enrollees.
Remember to keep any creditable prescription drug coverage information you receive from your plan in a file -do not send any of this to Medicare. This paperwork may be necessary when joining a Medicare Part D plan later.
How to get an additional drug discount
Senior65 has partnered up with CleverRx to bring you prescription discounts of up to 80%. Just get your free discount card and start saving.