Prescription Drug Plans
Medicare Supplement plans, also known as Medigap, are insurance policies offered by private insurance companies authorized to sell Medicare plans. They play a crucial role in assisting individuals with covering expenses that aren't fully paid for by Medicare Part A and Part B. These expenses include deductibles, coinsurance, copayments, hospital costs that remain after Medicare's contribution, skilled nursing facility expenses, and various other costs.
Medicare Part D
Medicare requires you to have a drug plan, and it's crucial that you enroll in one when you become eligible for Medicare. Don't wait, as delaying can lead to a late enrollment penalty. Now, these drug plans can work independently, be included in an Advantage Plan, or you may even use the VA if you're a veteran. However, each plan varies in terms of premiums, drug formularies, and deductibles, and these details may change from year to year.
The drugs covered by these plans are categorized into different Tier levels, ranging from 1 to 5. Remember, the higher the tier, the higher the cost for those medications. To ensure you're making the best choice, you have the opportunity to change your drug plan during the annual enrollment period, which typically takes place from October 15 to December 7. You can also enroll during a special enrollment period if you have recently lost credible prescription drug coverage. When this occurs, you will have two month to enroll in a prescription drug plan without a late enrollment penalty.
What Does My Medicare Part D Cover?
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You can purchase a Stand-Alone Prescription Drug Plan or a Medicare Advantage Prescription Drug Plan that will cover a list of drugs. This is called a “formulary," and each plan will have it's own formulary.
How Can I Get A Prescription Drug Plan?
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VA
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Stand-Alone Prescription Drug Plan
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Medicare Advantage Prescription Drug Plan
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