How Do I Get Drug Insurance?

How Do I Get Drug Insurance?

People who are Medicare beneficiaries are eligible for the Part D prescription drugs if they have applied for Medicare Part A and/or Part B benefits. Beneficiaries receive Part D benefits through two types of policies administered by private insurance companies: Beneficiaries can participate in a Prescription Drug Policy (PDP) only for the protection of medicinal products or join the Part C of the Public Health Policy. It insures all hospital and medical benefits that correspond to Medicare Part A and B, and generally insure the additional costs of medical care that are not insured by Medicare Part A and B, including prescription drugs.  The Coverage of Medicare prescription drugs is an optional benefit. Medicare offers prescription drug protection for every person with Medicare. If you choose not to receive Medicare insurance, you will likely pay a late enrollment fee if you enroll later, unless one of the following conditions will apply:

  • You have other prescription medications that are creditable
  • You get additional help
  • In general, you pay this penalty as long as you receive Medicare prescription drugs. To receive Medicare drug insurance, you must enroll in a Medicare-approved policy that provides Medicare drug insurance. Each policy may vary in terms of cost and medications.

Two ways to get drug insurance

Medicare Prescription Drug Policy (Part D): This policy (sometimes referred to as “PDPs”) include Original Medicare, some Medicare cost policies, some Medicare Private Fee-for-Service Policies (PFFS), and Medicare Medical Savings Account (MSA) Drug Policies. Medicare Advantage Policy or another Medicare health policy that offers coverage for Medicare prescription drugs: Through these policies, you will receive all of your Medicare Part A (health insurance) and Medicare Part B (Medical insurance), as well as your prescription drugs (Part D). Medicare Advantage policies with prescription drug insurance are sometimes referred to as “MA-PDs.” You will need Part A and B to participate in a Medicare Advantage policy. To get part D get a 2019 supplement plan to go along with it.

How do I sign up for a Medicare policy?

If you have opted for a Medicare drug policy, you can enroll as follows:

  • Register with the Medicare Policy Finder or on the policy’s website.
  • Complete an enrollment form.
  • Call the policy.
  • Call them at 1-800-MEDICARE (1-800-633-4227), or call them at 1-800-MEDICARE (1-800-633-4227).

If you subscribe to a Medicare drug policy, enter your Medicare number and the date your Part A and / or Part B insurance began. You can find this information on your Medicare card.

Consider all your drug insurance decisions

Before making a decision, find out how Part D works with your other drug insurance. For example, it may be insured by a union or employer, TRICARE, the Indian Medical Service, the Department of Veterans Affairs (VA), or a Medicare Supplement Insurance (Medigap) plan. Compare your current insurance with Medicare’s drug insurance. The drug insurance you have already may change due to Medicare drug insurance. Therefore, consider all your insurance options.  If you have (or qualify for) other drug insurance types, read all the documentations provided by your insurer or policy provider.