Prescription Drug Plans (PDP) - Medicare Part D
If you have purchased a Medicare Supplement Plan or you have chosen to Keep Original Medicare Part A and Part B, you will want to purchase a stand-alone Prescription Drug Plan (PDP). If you have chosen a Medicare Advantage Plan which includes Prescription Drug Coverage, then you don't need to purchase a stand-alone Prescription Drug Plan (PDP), but you still may benefit from reading this section.
If you think this section on Prescription Drug Plans (PDP) doesn't apply to you because you aren't taking any Medications right now, you might want to re-think that idea. Even the healthiest People have Medications prescribed to them by doctors. And often, the Prescription Drugs that people take are a significant portion of their Total Medical Expenses in a given year.
The Government and Medicare know this, that is why they encourage you to enroll in a Prescription Drug Plan as soon as you are eligible, OR they charge a penalty to your Premium when you ultimately sign up at a later time.
Available Prescription Drug Plans
Medicare Prescription Drug Plans are often Called Medicare Part D. Prescription Drug Coverage is Available to everyone with Medicare. The Plans are offered by Private Insurance Companies who are contracted by Medicare.
There are generally 2 Ways that a Person can get Prescription Drug Coverage:
Medicare Prescription Drug Plans (PDP). These are stand-alone plans that may be purchased by an individual to add Drug Coverage to their Original Medicare Part A and Part B, Or to add to their Medicare Supplement Coverage.
Medicare Advantage Plans often include Prescription Drug Coverage with the other Benefits of the Plan. You get all of your Part A and Part B coverage, and Prescription Drug Coverage (Part D), through these plans. Medicare Advantage Plans with prescription drug coverage are sometimes called "MAPD plans.
Prescription Drug Plans (PDP) Plans and Costs
Every Drug plan will have a List of Covered Medications, called a Formulary. You should have your Independent Medicare Agent research your list of Medications so he can find you the lowest cost Drug Plan which lists all of your medications in its Formulary.
Carriers who offer Medicare Advantage plans with Prescription Drug coverage (MAPDs) usually don’t charge a monthly premium for the HMO or PPO, but, they might have a Deductible for Medications. And you will certainly be expected to make copayments when you get prescriptions filled.
It seems that Every Year some Drug plans experience significant changes. Sometimes the cost increases, some Medications are dropped from the Formulary, and sometimes entire plans are completely Canceled.
For this reason, you might want to discuss your Prescription Drug Coverage with an Experienced, Independent Medicare Agent, who can help you to understand the differences in benefits between the different plan options, so that you can find the Lowest Cost plan for You.
MedicareFreeHelp
When you are planning for your future health care, it's not only important to Choose the Best Plan available, it is also important to have a good Agent who will keep you informed when the Costs of different Plans change or when New Plans are Introduced. By having a Relationship with an Experienced Medicare Agent who offers a Variety of plans, you can make the changes necessary if your Medical Needs change, or if a more cost effective plan becomes available.
This is why your First Step in choosing a Medicare Plan is choosing Your Agent. Choose the Right Agent, Enroll in the Best Plan, and Face the Future with Confidence.
