What is Medicare Part D insurance for prescription drugs?
As a Medicare beneficiary, you will not automatically receive Medicare Part D prescription drugs. This Medicare Part D insurance is optional, but it can be valuable when taking medications. If you do not enroll in the first right of Medicare Part D insurance, you may have to pay a late enrollment fee if you decide to enroll later.
Many people automatically enroll in Original Medicare, Part A and B, when they reach the age of 65. However, you may not know that Original Medicare does not insure most of your drugs (except for those you can get as an inpatient or, in some cases, as an outpatient). Part B of Medicare Part B insures certain prescription drugs you receive on an outpatient basis, such as in a doctor’s office. However, this is usually the type of medication you need to get from a doctor, for example, infusion medications. If you need help with most other drug costs, you must enroll in Medicare Part D.
What types of prescription drug policies for Medicare Part D are there?
You can get your Medicare Part D prescription drugs using two different methods, depending on whether you are enrolled with Original Medicare or Medicare Advantage. A Medicare Advantage policy, also referred to as Part C of Medicare, is yet another way to obtain your original Medicare benefits via a Medicare health policy. Many policies can also insure benefits beyond the federal program, including the benefits of prescription drugs.
Medicare Part D is available:
About a separate prescription drug policy of Medicare Part D: You can add this benefit to your original Medicare insurance. You can enroll in any Part D prescription drug policy that is responsible for your area of residence. About a Medicare Advantage Prescription Drug Policy: You can get a Medicare Advantage policy that insures prescription drug insurance so you can get all Medicare benefits under one policy.
Can I choose a Medicare Part D prescription drug policy? You are eligible for Medicare Part D prescription drugs if:
You stay in the service area of a Medicare Part D prescription drug policy. You have part A and / or part B.
Please note that if you choose to receive your prescription drugs through a Medicare Advantage policy, you must have both Part A and B, you must be residents in the service area of a Medicare Advantage policy, and (in most cases), you must not have end-stage renal disease. Not all Medicare Advantage policies insure prescription drugs. You need to check the policy that interests you.
When can I enroll in Medicare Part D?
As mentioned above, you do not need to enroll in Medicare Part D. This decision will not affect your original Medicare insurance, but if you are currently taking medications, you may want to enroll in a Medicare Part D prescription drug policy for help with the costs of prescription drugs. You can also join a Medicare Advantage (Part C Medicare) prescription drug policy that includes your Part D benefits of Medicare.