With the cost of living sky-rocketing and the costs of much needed medications also on the rise, many senior citizens who have Medicare coverage may find it difficult to keep up.
Having to choose between buying groceries and paying for life-saving medications is a choice that many seniors are forced to make. However, there is a Medicare prescription plan that can help to subsidize the heavy prescription costs.
It is important for those who qualify for Medicare to seek out a Medicare prescription plan that will meet their needs while also covering all of the life-saving medications that they are currently taking.
Understanding Medicare's Prescription Plans
The Medicare prescription drug plans, also referred to as Medicare Part D, are insurance benefits that are run either by an insurance or private company that have been approved by Medicare. They provide prescription drug benefits to qualified senior citizens in order to help them pay for their medications.
Medicare RX plans add prescription drug coverage to the original Medicare program, certain Medicare cost plans, certain fee for service plans offered by Medicare and also to Medicare savings account plans. There are also Medicare Advantage Plans that offer eligible senior citizens the ability to get their Medicare RX coverage in conjunction with the other plans that are offered by Medicare.
Contact Medicare
It can prove to be a bit confusing to understand how all of the offered Medicare plans work so eligible patients should reach out to a Medicare representative in an effort to get a thorough understanding of the best plan for their needs. Eligible patients should keep in mind that if they opt out of selecting a Medicare drug plan when they first become eligible they may need to pay a late enrollment penalty if they do not have prescription drug coverage through another company.
The Costs Of Medicare RX Plans
With the various drug plans offered by Medicare comes a variation in the costs as well as in the types of drugs that will be covered by each plan. The monthly premium costs that you could expect to pay for your Medicare prescription plan will be based upon your income. You should be sure to provide accurate information when you are applying for Medicare prescription drug coverage.
Even if you think that your income will provide a challenge when it comes to qualifying for your prescription plan, you should still apply for coverage as it could help you to save as much as 95% of the costs of your prescriptions.
Consider the Ramifications
To take part in a Medicare RX plan (a Medicare Prescription Drug Plan), senior citizens must already have coverage with either Medicare Part A or Medicare Part B. This is also true if you are interested in a Medicare Advantage Plan.
Before you take the steps to apply for a Medicare prescription plan be sure that you understand the ramifications of dropping any existing employer prescription plan coverage; you may not be able to sign up for a Medicare RX plan if you already have coverage with another company.
You may also find that if you attempt to drop your prescription plans with your other insurance company, you may need to also drop your regular health, dental, and vision coverage. This could lead you to needing to drop and lose medical and prescription coverage for any dependents that are currently on your insurance plan.
Finding the Right Medicare Plan
To determine which Medicare RX plan will work best for you there are several steps that you can take in order to narrow your choices down.
• Make a list of the prescription medications that you are currently taking. Keeping track of the names of your prescriptions and your dosage can also be beneficial when you are asked by doctors to provide a list of your current medications. Your list of medications will be needed when you are filling out information to select the best prescription plan for your needs.
• Go to the Medicare website (www.medicare.gov) and select the Plan Finder Tool – it can also be located by going directly to www.medicare.gov/find-a-plan
• Enter in your ZIP code and provide answers to the questions that will follow. These will include questions about the prescription medications that you currently take.
• Be sure that you are providing the most accurate information possible because it will help to provide you with the best plans for your actual needs. Providing inaccurate information can also delay the start of your prescription plan coverage.
• Carefully review the plans that are presented to you. Read all of the details to learn about the plans and what is offered by each of them. Find out about the coverage and costs of each plan so that you can determine which plan will best fit your needs.
Applying For A Medicare RX Plan
Once you have selected the Medicare RX plan that is the best fit your prescription coverage needs, there are a few ways to join the plan.
• Many plans will offer the ability to enroll directly on their website, which will help to cut down the time that you need to wait for coverage to start.
• You can also print out an application to fill out and mail in to the address that will be provided.
• Calling the plan directly can not only help you to enroll but it can also help to put you in touch with a customer care representative who can help to answer any additional questions that you may have. In lieu of calling the plan directly, you can also call Medicare and 1-800-633-4227.
You will need to have all of your Medicare coverage information on hand so be sure that you have it in order to provide the most accurate information possible.
Lowering Your Prescription Costs
There are several great methods of lowering your prescription costs, including asking your doctor if there is a cheaper generic version of the drug that they are writing the prescription for. Additionally, several pharmaceutical companies offer assistance programs to patients who are currently enrolled in a Medicare RX plan. Do careful research to find out if you can qualify to save even just a little bit of money on your much-needed prescription drugs!
