What is a Medicare Prescription Drug Plan?
Medicare Part D is basically insurance for your medication needs. It is run by an insurance company or other private company approved by Medicare.
Does Medicare require Prescription Drug Coverage?
Medicare prescription drug converage is an optional benefit. Everyone with Medicare is offered drug coverage. Use caution here when deciding whether or not to join a Medciare drug plan.
If you decide not to join a plan when you are first eligible, you will likely pay a late enrollment penalty if you join later.
What does a Medicare Prescription Drug Plan cost?
When purchasing a Prescription Drug Plan, your actual drug plan costs may vary. This depends on some of the following:
- The drugs you may use
- The plan you choose
- If your pharmacy is in the plan network
- If your drugs you use are on the plan’s formulary
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