Considering Medicare options can be confusing when planning for your golden years. Choosing between prescription drug plans depends on factors such as coverage, monthly premium costs, and the scope of providers in your network. Here’s an in-depth look at available drug plan options. 

A Guide to Medicare Prescription Options 

Which Medicare drug plans are available?

There are two main prescription drug plans offered under Medicare: Medicare Prescription Drug Plans (Part D) and Medicare Advantage Plans (Part C). Medicare Prescription Drug Plans (D) can be used as stand-alone outpatient prescription drug plans provided by private insurance companies.

Conversely, Medicare Advantage Plans (Part C) act as bundled plans that cover Part A, Part B, and Part D through private insurance companies approved by Medicare for one monthly premium. 

Who is eligible for these plans?

You first become eligible for Medicare when you turn 65, which also gives you the option to enroll in a prescription drug plan. You may also be eligible if you have a qualifying disability. Moreover, patients must have Medicare Part A (hospital insurance) and Part B (medical insurance) to be eligible for drug plans. 

How do I choose the right plan?

Choosing between prescription drug plans depends on which plan is most cost-effective while enabling you to receive your prescriptions and preferred provider care. If you’re taking specific prescriptions, it’s best to check the formulary listed under Part D plans to see if they are covered, as well as potential premiums, co-payments, coverage benefits, and other relevant factors under available Part C and Part D plans. 

How do I receive coverage?

Once you choose a plan, you can enroll using the prescription drug plan’s website or via the Medicare Plan Finder. You can also complete an enrollment form, call the plan’s contact number, or call 1-800-633-4227 (1-800-MEDICARE). Note that you will need your Medicare Number and the date your Part A and Part B coverage began to enroll.

When can I enroll? 

You can enroll for a prescription drug plan and switch drug plans at specific times of the year. For instance, you can enroll for a plan during the Initial Enrollment Period (IEP), which lasts three months before the month you turn 65 and ends three months after the month you turn 65.

You can also enroll during the Annual Enrollment Period (AEP) between October 15 and December 7. Additionally, you can request Extra Help if you qualify because of income, or enroll through Special Enrollment Periods (SEP) if you move or lose other insurance coverage. 

 

When considering senior insurance plans, turn to High Plains Senior Benefits in Omaha, NE. This locally owned and operated insurance broker company provides expert care in services such as Medicare coverage advising, retirement planning, final expense planning, and long-term care planning. This dependable team of specialists enables you to receive the best coverage to suit your healthcare and financial needs. Call (402) 321-9443 to schedule a free consultation, or visit their website.