If you're researching how to cover your prescription drug costs while in retirement, then Medicare Part D is worth exploring. This part of Medicare helps cover your prescription drug costs. But knowing how to get it, the costs involved and how it works requires insight. Here's what you should know:
As the prescription component to Medicare, Medicare Part D helps to add coverage to your original Medicare plan. You can also add Medicare Part D to some Medicare Private-Fee-For-Service Plans, Medicare Medical Savings Accounts Plans and Medicare Costs Plans. You can also opt to get Medicare Part D as part of your health insurance coverage instead of a stand-alone plan by opting for a Medicare Advantage plan, which typically includes Medicare Part D.
You pay a monthly premium for Medicare Part D to get access to a network of pharmacies in the plan. Instead of paying full price for your prescriptions at these in-network pharmacies, you would pay a fraction of the cost usually in the form of a small copayment. This helps to lower your prescription costs.
Medicare approved private companies and insurance companies to offer you Medicare Part D plans. But it's important to choose the right coverage that meets your needs. Luckily, Medicare provides a five-star rating system that helps you determine the quality of the Medicare D plan you choose. A five-star plan is excellent while a one-star plan has the lowest rating.
Medicare Part D covers the cost of your prescription drugs. However, there are specific rules to follow to ensure your expenses are covered. For instance, your plan may restrict the amount of medication you are able to purchase or refill per visit. You may also require approval for your medication before the pharmacy can fill your prescription. Your plan may also require that your doctor prescribes a generic, or less expensive alternative to name brand drugs if one is available to treat your condition.
Cost is an important factor to consider when reviewing insurance policies that offer Medicare Part D coverage. The great news is that because several insurance companies offer Medicare Part D, you have many options to compare prices. But it's important to remember that the cost of your drug coverage depends on the plan you choose.