What Happens If I Have Medicare And I Do Not Have Any Prescription Drugs?
Are you insured by Medicare, but do not have prescription drug insurance? You may be eligible for Medicare prescription drugs. This insurance is optional, but if you ever need it, you can save money the first time you enroll in Medicare.
Original Medicare and your limited prescription drugs insurance
Original Medicare, Part A (or hospital insurance) and Part B (or health insurance), do not insure most of the prescription drugs you would take at home. Part A may refer to the prescription drugs you receive while you are hospitalized, while Part B may include certain prescription drugs that are given on an outpatient basis, for example, in a clinic.
What happens if I want to get Medicare prescription drugs?
If you are signed in to Medicare plan Part A and/or B, you can probably enroll in a Medicare Part D prescription drug policy. There are 2 types of Medicare policies that offer Medicare Part D prescription drug insurance:
Independent policies for Medicare Part D prescription drugs that work together with your Part A and / or Medicare Part B insurance Medicare Advantage Prescription Drug Policies allow you to take advantage of Medicare Part A, Part B, and Part D in one policy. Medicare Part A (i.e. not your Medicare Advantage policy) will continue to insure hospice benefits.
Both independent Medicare Part D policies for prescription drugs and Medicare Advantage prescription policies are provided by private insurance companies under contract with Medicare.
How do Medicare prescription drug policies work?
Each Medicare prescription drug policy contains a list of insured prescription drugs known as formulary. This formulary may change at any time. If necessary, you will receive a notification from your policy. The medications prescribed in the formula are divided into different categories (or tiers). The highest levels include the most expensive drugs, while the lower levels list the most affordable prescription drugs. Therefore, it is important to keep in mind that not all Medicare prescription drug policies necessarily insure your medications. Before enrolling, you may want to review the policy’s formulary to make sure your medications are on the list.
Any Medicare policy that includes Part D prescription drug insurance may be subject to a monthly premium. You may also be responsible for an annual deductible, as well as co insurance or co payment. These costs vary among the policies. How do I sign up for a Medicare policy that ensures the supply of prescription drugs?
The registration requirements are slightly different for a Medicare Part D prescription drug policy than for a 2019 Medicare Advantage plan prescription drug policy. Independent Medicare Part D – Prescription Drug Policies: You must sign in to Part A and/or Part B.
Medicare Advantage Prescription Drug Policies: You must have both Medicare Part A and B.
Both types assume they are in the policy’s service area.
In general, you can only enroll in a Medicare prescription drug policy at specific times: During the first seven months of the Medicare Registration Period, which normally begins 3 months before the month you turn 65, your month of birth will be included and will end 3 months after that month.