Prescription drug coverage is an essential part of an insurance plan. However, not all policies cover it. Medicare is no different, and it’s critical to know how to get the coverage you need.

There are two main ways to get Medicare prescription drug coverage. Part D is a stand-alone option, while Part C is a more inclusive possibility.

Medicare Part D

Part D is an optional prescription drug coverage program. You can sign up for it if you have already enrolled in Medicare Parts A and B. 

You can sign up for Part D as a stand-alone program or in conjunction with Part C. More information about Part C is available in the next section.

If you choose to enroll in just Part D, you’ll pay a monthly premium. You’ll owe about 25% of your prescriptions’ cost, and the plan will pay the remaining 75%.

It’s essential to keep in mind that not every plan will cover the drugs you need. Before signing up for a policy, you’ll want to make sure it includes the medications you take.

Each Medicare prescription drug plan covers a specific list of medications called a formulary. The program may change its formulary at any time and will notify you if changes occur.

Medicare Part C

Part C is also known as Medicare Advantage. It’s a different way to get your benefits from Parts A and B.

To qualify for Medicare Advantage, you first need to be enrolled in Parts A and B. You also need to live in a region where Part C is available.

Medicare Advantage plans can be customized to include Part D, which covers prescription drug expenses. These Advantage plans sometimes include additional benefits like dental care or fitness program membership.

If you choose to enroll in Part C, you’ll still need to pay your Part B premiums, plus any new premiums due with Medicare Advantage. You may be limited to specific providers within the network for your plan.

If you choose Part C, you’ll have an annual limit on out-of-pocket spending. Once you reach that limit, the plan typically pays the rest of your expenses that year.

How to Sign Up for Medicare Parts C and D

Parts C and D are available through private insurance companies. These insurance providers obtain Medicare approval to offer this coverage.

You can use the Medicare Plan Finder to search for a company in your region. This tool enables you to see where Part C and D policies are available near your address. It’s essential to compare the plans you find and understand the applicable prices and regulations.

Once you have decided which plan is best for you, you’ll need to fill out an application for the chosen program. During this process, you’ll provide the insurance company with your Medicare number. You’ll also need to report the date on which your coverage began for plans A and B. 

When to Enroll

You can sign up for Part C or D when you first enroll for Medicare. This is during the Initial Enrollment Period, which occurs around your 65th birthday. It’s easiest to sign up for Part C or D right away.

If you choose to sign up after this period, you may incur late enrollment penalties. You may be exempt from these penalties if you have prescription drug coverage from an employer or union or receive Extra Help. 

Medicare Extra Help is a program designed to help seniors with lower incomes pay for premiums, deductibles, copays, and prescription costs.

The best time of year to make adjustments to your Medicare plan is during the Annual Election Period. This period occurs between October 15 and December 7 of each year.

Conclusion

Getting coverage for prescription drugs can be complicated, even when you have Medicare. Parts C and D are two distinct options for obtaining this coverage. 

You can sign up for prescription medication coverage through Parts C and D at authorized private insurance companies. The best time of year to change your Medicare plan is between October 15 and December 7. By searching and comparing plans available in your area, you can find the best program for you.

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