Medicare Prescription Drug Plans
With prescriptions stacking up at an equal rate of the solicitation mail you are receiving, it’s a good thing they are so affordable.
Wait. Yours aren’t either? Have we got some great news for you!
There are two options for prescription drug coverage that you can benefit from, so let’s take a look at each one.
Medicare Part D
Prescription Drug Plans (PDPs)
Once you have enrolled in Medicare Parts A and B, you can add one of the Prescription Drug Plans. There are a variety of Medicare Prescription Drug Plans available to you and all vary in cost and coverage. To determine which one is right for you, we recommend contacting a licensed agent to compare these with you according to your specific prescriptions and budget.
Medicare Advantage Part C
Most Medicare Advantage Plans include prescription drug coverage. The ones that do are often referred to as “MAPDs.” With an MAPD, you will receive Medicare Parts A and B as well as Part D, the Prescription Drug Plan. MAPDs also vary in cost and coverage, so it is vital to talk with one of our professional advisors to ensure the medications you need will be covered under a Medicare Advantage Prescription Drug Plan.
Medicare Extra Help or Low Income Subsidy (LIS)
Medicare Extra Help is a low income subsidy to help seniors with prescription drug costs. This program provides assistance with premiums, deductibles, and prescription drug copays.
According to the Social Security Administration, here’s how to qualify:
- Must be receiving Medicare.
- Have limited resources and income.
- Live in the U.S.
To determine your eligibility, complete the SSA Extra Help application or consult with your Independent Insurance Agent.