What is Medicare Prescription Drug Coverage?
Medicare prescription drug coverage is insurance provided by private companies that have been approved by Medicare. On January 1, 2006, Medicare prescription drug coverage was made available to everyone with Medicare. This drug coverage may help lower prescription drug costs and help protect against higher costs in the future.
Medicare drug plans are offered by insurance companies and other private companies approved by Medicare. There are two types of Medicare plans. • Medicare Prescription Drug Plans These plans add coverage to the Original Medicare Plan, Medicare Private Fee-for Service Plans that dont offer Medicare prescription drug coverage, and Medicare Cost Plans. • Medicare Advantage Plans (like a HMO, PPO, or a PFFS Plan) and other Medicare Health Plans. You would get all of your health care, including prescription drug coverage, through these types of plans. If you have limited income and resources, you may get extra help to pay for your Medicare drug plan costs. @@@@@ Bug fix for Bug #1760 @@@@@ @@@@@ Author: Sindhu Rao @@@@@ @@@@@ Date: 09/30/2005 @@@@@ Medicare offers prescription drug coverage to all people with Medicare. Medicare will provide coverage to help you pay for both brand-name and generic drugs you need. To get Medicare prescription drug coverage, you must choose and join a Medicare
Medicare prescription drug coverage is a fairly new and often optional part of Medicare services. It is also called Medicare Part D, and availability of this coverage began in 2006, with first enrollment beginning in the last two months of 2005. Traditional Medicare, parts A (hospital) and B (medical) don’t have many provisions for covering prescription medicines, though they may cover a few, and this created significant financial burden for some seniors. Medicare prescription drug coverage allowed a number of private insurers to come in and offer some drug coverage to seniors, which in some cases could be augmented by subsidies when seniors are very low income. There are many Part D plans to choose from and they each may have different ways of assigning benefits. A number of these plans assess several hundred dollars in deductible fees before they begin prescription drug coverage, though a few may begin by offering copayments on drugs. Price of a plan, types of drugs covered, and plan
Medicare prescription drug coverage is insurance that covers both brand name and generic prescription drugs at participating pharmacies in your area. Medicare prescription drug coverage provides protection for people who have very high drug costs. Who can get Medicare prescription drug coverage? Everyone with Medicare is eligible for this coverage, regardless of income and resources, health status, or current prescription expenses. When can I get Medicare prescription drug coverage? You may sign up when you first become eligible for Medicare (three months before the month you turn age 65 until three months after you turn age 65). If you get Medicare due to a disability, you can join from three months before to three months after your 25th month of cash disability payments. If you do not sign up when you are first eligible, you may sign up from November 15 to December 31 each year. Your coverage will start January 1 of the following year. NOTE: Possible Penalty — If you don’t sign up w
