Are Prescription Drugs Covered By Medicare?

Important information regarding prescription drugs covered by Medicare. How you can protect yourself against the high costs of prescription medications now and in the future.

The costs associated with prescription medications can quickly add up, especially as we get older and require a larger amount of medications to remain healthy. Medicare provides assistance with these expenses through prescription drug plans. The available options for a prescription drug plan with Medicare include Medicare Part D, a Medigap Plan purchased before January 2006, or a Medicare Advantage Plan.

Medicare Part D

Medicare Part D will cover most prescription medications at participating pharmacies in a number of convenient locations. This plan is available to anyone enrolled in Medicare regardless of financial situation or health issues. The amount or expense of any prescription drugs you have does not affect your eligibility for the plan. Medicare Part D is a result of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003.

Medigap Plans

A Medigap plan is a Medicare supplemental insurance plan that helps to cover medical expenses that Medicare parts A and B do not include, or only cover in part. Certain Medigap plans purchased before January 2006 may also include a prescription drug plan. Medigap plans purchased after Medicare Part D went into effect will not include prescription drug coverage.

Medicare Advantage Plans

Medicare Advantage plans generally cover all Medicare coverage, including Medicare parts A and B. A Medicare Advantage plan can also include insurance coverage for prescription medications. A Medicare Advantage Plan and a Medigap Plan cannot be held at the same time.

Why should I have prescription drugs covered by Medicare?

It is important to have your prescription drugs covered by a prescription drug plan through Medicare in order to offset the high cost of prescription drugs. Even if you currently have little or no prescription medications, having a prescription drug plan will ensure that any medications you need in the future will be covered under Medicare.

Related posts

1. Can I Buy A Medigap Policy That Has Prescription Drug Coverage?
2. What Prescription Drugs Are Covered Under Medicare Part D?
3. Will Medicare Drug Plans Cover Drugs That Treat Mental Illness?
4. What is a Prescription Drug Plan (PDP) For Medicare?
5. Do Medigap Plans Offer Prescription Drug Coverage?

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