What Is Prescription Insurance?
Prescription drugs are essential to many people maintaining their health and wellness. These medications may help patients manage life-threatening illnesses, maintain mental health and regulate difficult symptoms. For those who qualify for Medicare, prescription medications may be particularly important. With that in mind, Medicare policyholders should take the time to understand how their health insurance can ensure access to the prescriptions they need.
How to Get Prescription Insurance Through Medicare
Several components of Medicare must be understood in order for policyholders to optimize their benefits and ensure they have access to necessary medical services. Regarding prescription medication access, the primary applicable part of Medicare is known as Part D.
Part D is an electable option for anyone who qualifies for Medicare. To ensure that your health plan includes this coverage, consider one of the following methods:
- Purchase a Medicare drug plan. A Medicare drug plan essentially enhances Medicare Parts A and B (also known as Original Medicare). You must have Medicare Parts A and B to be eligible for a Medicare drug plan.
- Enroll in Medicare Part C. Medicare Part C (also known as Medicare Advantage Plans) is another optional component of Medicare and policies often include Part D’s access to prescription medications.
What Does Prescription Insurance Cover?
Medicare Part D can provide critical financial assistance to help pay for prescription drugs and vaccinations. The specific medications available through prescription insurance policies may vary, but in general, all plans must include at least two options from the most common categories and classes of prescription drugs. Furthermore, all Medicare Part D policies must include coverage for all drugs available in the following categories:
- HIV/AIDS treatment
- Immunosuppressant medications
- Anticonvulsive treatments for seizure disorders
- Antipsychotic medications
- Cancer drugs not covered by Medicare Part B
Get the Right Coverage
Prescription insurance through Medicare is only available from private insurance companies that contract with the federal government. Even if a person may not have any prescriptions at the time of their Medicare enrollment, it may be advisable to elect Part D. Attempting to join a prescription insurance plan at a later date may incur financial penalties.
We’re here to help. At Findlow Insurance, our staff has the knowledge, experience and dedication to ensure that Medicare participants in the Forked River, New Jersey, area have access to the prescription medications and health services they require. We will work with policyholders to understand their circumstances and craft optimal coverage. Visit our website or call 732-995-8694 to get started today.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.