Medicare Part D
refers to your prescription drug coverage. Even if you don’t currently take any prescription drugs, enrolling now can help you lock in that low premium and ensures you are covered if and when you need it. Keep in mind that your co-pay will be dependent on what tier your prescription falls under, with tier 1 being generic and tier 4 being expensive or rare drugs. Typically, you are responsible for meeting your deductible and paying copays, but once you reach $3,750 in drug costs, you enter the dreaded doughnut hole
. At this point you will pay 25 percent of the cost until your out-of-pocket spending reaches $5,000. You then enter the catastrophic level of coverage, where you’ll see yourself paying no more than 5 percent.
To offset the costs, be sure to ask your doctor if any of your prescriptions have a generic alternative. If it must be brand name, inquire with your doctor about a discount. Many pharmaceutical companies provide discounts to consumers and doctor’s offices, and some offer a pharmaceutical assistance program. Consider having your prescriptions mailed to you as opposed to picking it up at the pharmacy, as your Part D plan may offer a discount for doing so.
Medicare provides coverage and peace of mind. However, it can be a source of stress and worry if you don’t educate yourself. Spend time getting to know all the parts of Medicare to help you choose the right option for you.
Guest Article by Sharon Wagner SeniorFriendly.info