Original Medicare provides vital health services to seniors and disabled workers, but they don’t cover most prescription drugs, which may cost hundreds of dollars per month. Medicare Part D is a vital program that provides extensive coverage for a variety of prescription drugs, with a guaranteed level of benefits. Understanding the details of Medicare Part D helps ensure you get the medications you need at the best possible price.

What Is Medicare Part D?

Medicare Part D plans are administered by private insurance companies, and must provide a certain minimum coverage. These plans are designed to give patients access to a wide range of prescription drugs, including generic options to control costs. However, each plan may cover a slightly different set of medications, which may be grouped according to different formulas, so new patients should consult an agent before deciding on a plan.

Who Qualifies for Coverage?

Anyone who is already on Medicare is eligible for Part D drug coverage, regardless of household income or other factors. Because these plans must follow strict federal rules, you can’t be denied coverage if you already take medications or have serious medical conditions.

Is Participation Mandatory?

While the government does not require anyone to sign up for Part D, there are substantial benefits to signing up early. Waiting to enroll could trigger a steep penalty that increases your premiums for as long as you’re on Medicare, which could total thousands of dollars in extra fees spread across several years. However, if you already have coverage superior to Medicare, you may be exempt form this restriction.

The Medicare system can be extremely confusing, especially if you’re enrolling for the first time. At Farmers Insurance Group, we’re committed to giving clients throughout Missouri the guidance and personal attention you need to help select a policy backed by several of the nation’s leading insurers. Follow our Twitter for more insurance tips and advice, or just call (417) 926-7900 to request a free quote today.