Medicare Prescription Drug Plans

The Original Medicare plan, also known as Parts A & B, does not include prescription drug coverage. Part D is a separate, stand-alone plan that provides prescription drug coverage to supplement your Original Medicare plan. You can also get it as part of a Medicare Advantage plan. 

Learn more about Medicare Supplement insurance for Minnesotans below.

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MEDICARE PRESCRIPTION DRUG PLANS

Once you have enrolled in both Parts A & B Original Medicare, you are eligible to acquire a Part D Prescription Drug plan. If you are not already covered for prescription drugs through an employment-related plan, a Medigap or Advantage plan, and you are currently using prescription medications or might in the future, it’s a good idea to take a hard look at what plans are available.

HOW TO GET MEDICARE DRUG COVERAGE:

When it comes to paying for the prescription drugs you need on a regular basis, Medicare drug coverage is nothing short of essential.  In fact, regardless of whether or not you are taking prescription drugs now, it often makes the most sense to join a Medicare drug coverage plan sooner than later given the savings you will incur in the long run.  For instance, if you do not decide to get Medicare drug coverage when you first become eligible and aren’t under another creditable drug coverage plan already (i.e. employer, union, or Extra Help), then you’ll likely be subject to late enrollment penalties if you decide to join a coverage plan later on.  Typically, this payment penalty extends for the duration of your Medicare drug coverage, making it far more cost-effective to enroll when you are first eligible.  That said, in order to obtain Medicare drug coverage, you’ll need to find a suitable Medicare-approved plan that offers drug coverage.  Visit Medicare.gov/plan-compare to compare and find a plan that best suits your needs and budget. 

1. Medicare Drug Plans: If you already have Part A or Part B, these plans add prescription drug coverage to your Original Medicare plan (as well as some Medicare Cost Plans, Private Fee-for-Service Plans, and Medical Savings Account plans)

2. Medicare Advantage Plans (or other Medicare health plans with drug coverage): If you already have Part A or Part B, you can join a Medicare Advantage Plan - but make sure the plan you choose offers drug coverage. 

If this sounds confusing, don't worry! Milestone Medicare is here to help you navigate through it.

Via the Official US Government Site for Medicare...

What else should I know about Medigap?  

• Before you can buy Medicare Supplement Insurance (Medigap), you must have Part A and Part B.  

• You pay the private insurance company a monthly premium for Medigap in addition to the monthly Part B premium you pay to Medicare. Also, if you buy Medigap and a Medicare drug plan from the same company, you may need to make 2 separate premium payments. Contact the company to find out how to pay your premiums.  

• A Medigap policy only covers one person. Spouses must buy separate coverage.  

• You can’t have drug coverage in both Medigap and your Medicare drug plan.

• It’s important to compare Medigap policies since the costs can vary between policies for exactly the same coverage, and may go up as you get older. 

CHOOSING MEDICARE DRUG COVERAGE

If you need help choosing Medicare Prescription Drug coverage or have any other Medicare questions, Milestone Medicare offers our Medicare assistance at no cost to you. Simply contact us by phone or online to get your questions answered or to get help in securing your best Medicare plans. We are conveniently located in Buffalo, MN and serve the Greater Twin Cities, Minnesota.

Not connected with or endorsed by the United States government or the federal Medicare program. 

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