To get coverage for your prescription medications, you will need to enroll in a prescription drug coverage plan. But, what exactly are your options in getting coverage for this? Well, you can either enroll in a Medicare Part D plan or a Medicare Advantage plan that includes prescription drug coverage.

Is Part D Necessary?

Medicare Part D is not a required plan for Medicare beneficiaries to enroll in, but it certainly is recommended even if you don’t currently take any prescriptions. If you are aged 65 or older and are enrolled in Original Medicare, you may face late enrollment penalties if you do not enroll when you become eligible for Part D, especially if you are without a creditable prescription drug plan. 

Not only is avoiding this late enrollment penalty a good reason to enroll in Part D, but you also never know what the future may hold for you. Just because you are relatively healthy now and are fortunate enough to not have to take daily medication, doesn’t mean your health will stay perfect forever. It’s always super important to plan for the future at all times and to make sure that if an emergency were to ever happen, you’ll at least have the coverage you need. With Part D, you can receive the coverage you may need for future prescriptions, which will ultimately keep you financially protected from costly medications in the long-run too.

Make Coverage Changes

Now, some people may ask, “What if I don’t like my Part D plan later on, then what?”

Well, the good news is that you can always take advantage of the Annual Enrollment Period! This period starts on October 15 and ends on December 7 of each year. During this period, you can review your current Medicare coverage and make any changes you feel are necessary. For example, say you are enrolled in a Part D prescription drug plan that doesn’t cover the prescriptions you take. You can use this enrollment period to compare other Part D plans in your area to determine which one actually provides the coverage you need.

You can also use this period to enroll in a Medicare Advantage plan that includes prescription drug coverage. You can compare the Medicare Advantage plans in your area and see which one provides prescription drug coverage, as well as which drugs are covered if they do offer this coverage.

At Eldridge Agency, we also understand that it’s not always easy to do this on your own. That’s why by giving us a call today, we can help you determine which plan in your area fits your needs the best and if Part D will provide the coverage you’re looking for!