What is Medicare Prescription Drug Coverage?:QuickMedicareSupplement.com

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What is Medicare Prescription Drug Coverage?

What is Medicare Prescription Drug Coverage?

Insurance provided by private companies that have been approved by Medicare is Medicare prescription drug coverage. Medicare prescription drug coverage is obtainable to everyone with Medicare. This drug coverage may help lower prescription drug costs and help guard against higher costs in the future.

You can get Medicare prescription drug coverage in the subsequent ways:

1. Through Medicare Advantage Plans or other Medicare Health Plans that are offering coverage for prescription drugs.

2. Through Medicare Prescription Drug Plans, which add coverage to the Original Medicare Plan, and some Medicare Cost Plans and Medicare Private Fee-for-Service Plans.

You can choose and join the Medicare drug plan that works for you. You will have to pay a monthly premium. All drug plans should provide coverage that is at least as good as standard Medicare prescription drug coverage. Some plans may offer more coverage and extra drugs for higher monthly premiums. If you choose not to join a Medicare drug plan when you are first qualified, you may have to pay a penalty if you settle on to join later.

If you have limited income and resources, you may meet the criteria for extra help. Most people who qualify for this extra help will pay no premiums, no deductibles, and no more than $5.35 for each prescription. The amount of extra help depends on your income and resources. If you meet the requirements, you will need to join a plan to get drug coverage. If you apply and meet the requirements, and don't join a plan, Medicare will enroll you in one by January1, 2007 to make sure you get this important coverage.

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