What is a Prescription Drug Plan (PDP) For Medicare?

Tips for enrolling in a prescription drug plan for Medicare to help offset the burdensome costs associated with expensive prescription medications.

The costs involved with prescription medications can be an extremely expensive burden. Medicare can help ease that burden with a prescription drug plan. A prescription drug plan for Medicare is an insurance plan provided to assist with the expenses of both generic and brand name prescription drugs for those enrolled in Medicare. A prescription drug plan can help to offset the expenses of current and future prescription medications. Prescription drug coverage is provided at a number of participating pharmacies.

Eligibility for a Prescription Drug Plan for Medicare

Anyone enrolled in Medicare is eligible to enroll in a Prescription Drug Plan for Medicare. Eligibility in a prescription drug plan for Medicare is not dependent upon the health of the insured, or prescription expenses at the time of enrollment or at any time thereafter. Financial assistance is available for anyone with limited income.

Enrollment in a Prescription Drug Plan for Medicare

In order to avoid possible penalties at a later date, one should sign up for a prescription drug plan for Medicare at the time of Medicare eligibility. That is, the three months prior to, and following, the insured’s 65th birthday. If the insured receives Medicare as a result of disability, enrollment in a prescription drug plan for Medicare should be in the 3 months prior and following the 25th month of disability payments. If enrolling after the eligibility period, possible penalties may have to be paid.

Available options for a Prescription Drug Plan for Medicare

There are two ways of attaining a prescription drug plan for Medicare. One can either enroll in the Medicare prescription drug plan, or receive prescription drug coverage through another health plan, such as a Medicare Advantage Plan. A Medigap Plan purchased prior to January 2006 may also provide some prescription drug coverage.

Related posts

1. What Happens If I Do Not Enroll In A Medicare Part D Plan?
2. Are There Penalties If I Choose Not To Enroll In Medicare Part D Plan?
3. What is the Medicare Prescription Drug Plan Finder?
4. Is There An Advantage To Delay Enrollment in Medicare Part D Plan?
5. When Does My Medicare Coverage Begin?

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