For Medicare recipients you can get senior prescription drug coverage in one of two ways. You can add it on Medicare Part D, or you can find a Part C plan that includes prescription drug coverage.
It is important that you enroll in either a Part D plan or a Part C plan with prescription coverage as soon as you are eligible for Medicare. Delaying your coverage will result in late fees and higher premiums.
Most Part D and C plans charge a monthly premium. So, if you are already paying a Part B premium, you will be paying an additional part D premium. If you have a part C plan, the part B and D premiums are embedded in a combination or your premium and the cost structure of your plan.
There are other costs associated with the drug plans. The first is the yearly deductible. You do not receive benefits before your deductible is paid. That is, you have to pay the full price of your medication until you have used up your deductible amount.
After you have used up your deductible, there are still costs involved. You typically will pay a co-pay. That is, you will pay for part of the cost of the medication every time you get it.
There are many choices for prescription drug coverage. The plans available vary by state. The benefits and costs vary widely from plan to plan. Understanding the costs is complicated. You will benefit from getting information about as many plans as you can and study the cost structure.
To compare Medicare D plans, you need to come up with a calculation of the total cost. You need to look at your current drug costs and compare it to the total expected cost of the plan. These cost include the deductibles, expected co-pays and premiums. Once understand the total cost of each plan, you can then compare the plans to each other and against your needs.
