Seniors have access to a variety of government-backed benefits to help offset the cost of medical care, and one of the most popular is Medicare Prescription Part D. This helps them pay for prescription medication, relieving the burden of retail drug costs, which may otherwise total thousands of dollars per year. If you have questions about enrolling in this program, below are answers to several of the most common.

What You Should Know About Medicare Drug Coverage

Does the government administer this policy?

While Medicare Prescription Part D is a federal program, coverage comes from private insurance companies. This means you can choose a specific provider to handle your insurance. While each insurer must provide coverage for a certain set of prescription drugs, some may cover more options or offer lower deductibles. When comparing policies, speak with your agent about the prescriptions you take to ensure you get the coverage you need.

Who can buy a Medicare Part D plan?

Anyone who currently receives Medicare Part A or B is eligible to purchase prescription drug coverage. This is a supplemental part of Medicare, which means that it enhances the coverage of the original plan. However, this type of policy is limited to seniors over the age of 65, people on disability, and people with end-stage renal disease.

Is Medicare drug coverage free?

Like all private insurance plans, you must pay a monthly premium, and most policies include a deductible. For 2022, the maximum deductible is $480 per year, which means you won't have to pay a higher amount than that. Some plans may offer lower out-of-pocket costs in exchange for higher monthly rates, so speak with your agent before purchasing a policy.

When can I join or switch plans?

Many Medicare beneficiaries enroll in Part D when they first become eligible for coverage. Everyone can enroll in this policy during the three months before and after their 65th birthday. You may also switch or drop the plan during the open enrollment period, which runs from October 15th to December 7th every year. If you move to a new state or into an assisted living facility, you can change plans without a penalty.

If you’re having trouble choosing a Medicare Prescription Part D policy, contact Senior Elite Services LLC in Fairview, TN. They offer policies from a wide range of trusted carriers, and will provide the guidance and advice you need to make the best decision. Visit the website for more information about their services, and follow them on Facebook for news and updates. Call (615) 266-2603 to speak with an agent about your needs.