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Home » Medicare Part D in Forked River, NJ

Medicare Part D in Forked River, NJ

Whether you currently take prescription drugs or not, it’s crucial to consider signing up for Medicare Part D coverage when you are eligible for Medicare. If you decide not to get Part D coverage, you may pay a late enrollment penalty if you sign up in the future.

Contact Findlow Insurance in Forked River, New Jersey, to learn more about your Medicare drug coverage options.

What Is Medicare Part D?

Medicare Part D helps cover prescription drug costs for those eligible for Medicare. This coverage is optional and offered to everyone signing up for Medicare or receiving Medicare coverage.

What Does Medicare Part D Cover?

All Medicare prescription drug plans must provide coverage for a range of prescription drugs. Each drug plan has its own list of covered drugs, also called a formulary.

Medicare drug coverage typically places individual drugs into tiers inside the plan’s formulary. Drugs in lower tiers generally cost less than drugs in higher tiers. If you currently take prescription drugs, your agent can help you verify that a specific plan covers your prescriptions and estimate your out-of-pocket costs.

Prescription drug plans are provided by private insurers and require monthly premium payments whether or not you fill a prescription. Depending on your prescription drug needs, you may also have to pay deductibles, coinsurance and copayments throughout the year.

How Does Medicare Part D Work?

There are two ways you can get Medicare Part D drug coverage:

  • Medicare Advantage (MA) plans, also called Part C, may provide prescription drug coverage. You must be enrolled in Original Medicare (Parts A and B) to choose an MA plan, and not all plans offer drug coverage.
  • Medicare drug plans (Part D) add drug coverage to Original Medicare, some Medicare Advantage Medical Savings Account plans, some Medicare Advantage Private Fee-for-Service plans and some Medicare Cost plans.

If you choose an MA plan that includes prescription drug coverage, there’s no need to sign up for a separate Part D plan. Whether you select drug coverage through a Medicare drug plan or Medicare Advantage plan, you must live in the plan’s service area.

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Contact Findlow Insurance today to learn more about your Medicare prescription drug coverage options in New Jersey.