What is Prescription Drug Coverage?
Also known as Medicare Part D, Prescription Drug Coverage is optional but extremely valuable if you take any sort of medication. Many people are automatically enrolled in Medicare Part A and Part B when they reach 65 years old, but they do not cover most of your medications. The only medications Part A and Part B cover are ones that you may receive as a hospital inpatient or in some cases, outpatient.
You can get Medicare Part D Prescription Drug Coverage in two different ways, depending on whether you are enrolled in Part A and B or Medicare advantage. Prescription Drug Coverage is offered through Medicare Advantage as an addon, or through a stand-alone Medicare Part D Plan. With a stand-alone plan you can enroll with any insurance company that serves your area.
Are you eligible for a Prescription Drug Plan?
You are eligible for Part D Prescription Drug Coverage if you are enrolled in Part A or Part B, and if you live in the service area of a Prescription Drug Plan. If you decide to get your Prescription Drug Coverage through Medicare Advantage then you must have BOTH Part A and Part B, as well as live in the service area of a Medicare Advantage Plan.
When can I sign up for Medicare Part D coverage?
You are not obligated to enroll in Medicare Part D coverage. But, it is a good idea to sign up for Medicare Part D as soon as you are first eligible. This would be when you turn 65 years old and meet the other requiremements listed above. If you choose to enroll later to if you go 63 consecutive days or more without Part D coverage, you may be subject to a late-enrollment penalty.
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