Learning About Medicare Drug Plans

When you turn 65, become disabled, or you develop renal disease, you become eligible for Medicare. Under Parts A and B, you gain coverage for certain hospital and medical care. Hospital insurance falls under Part A, while medical insurance falls under Part B. Neither of these insurances, however, offer any Medicare drug plans.

Medicare Part A covers many hospital related costs. Inpatient care in a hospital or skilled nursing facility are covered. Hospice services and home health services are also covered under Part A. If you or your spouse paid Medicare taxes for at least ten years, you are probably eligible for premium-free coverage. If you must purchase Part A coverage, you must also have Part B Medicare and pay premiums on both parts.

For the medical coverage, basic medical needs are paid for. This covers normal medical care, including visits with your physician and outpatient procedures. Certain preventative procedures are also covered, like mammograms. Most people have primary medical coverage through a private company and don’t pay premiums for the hospital coverage.

The Medicare Advantage Plan, also called Part C, is also provided by a private company but must be approved to provide Medicare. Through this type, you are provided with access to both medical and hospital coverage, but you have to pay premiums with the company and for the medical coverage. Although these forms of insurance are available, whether directly through Medicare or through an approved company, you are not provided with prescription coverage. This is where Part D fits in.

If you need prescription coverage, it is important to understand that you must also have the hospital or the medical insurance-or both. If you have your hospital coverage through Medicare, you won’t need to have the medical coverage too. If, however, you have a private plan, in order to qualify for the prescription coverage you must have both the medical and the hospital coverage.

In deciding whether or not you need the Medicare prescription coverage, there are a few considerations to weigh. First, you need to think about whether or not you want to stay with any existing prescription coverage you already have. If you have coverage, it is likely going to be through your job or your spouse’s job.

You must also consider the prescription lists for Part D Medicare drug plans and the costs of each plan. You need to compare current prescriptions you’re taking with the ones covered on the lists; include brand name and generic versions. Costs, like co-pays, should be compared as well.

Medicare prescription coverage will help you save dollars on the prescriptions that you require to get. Medicare drug coverage is something you require to have.