A Medicare Prescription Drug Plan is available if you subscribe to the Part A or Part B Medicare programs. You may be wondering, “What if I can’t afford a Medicare Prescription Plan”? The answer to that question varies, because there are several avenues to consider. First of all there are many Part D or prescription plans in which to enroll. The cost of each plan and what it covers may be different for each carrier. You can also choose between a Medicare Prescription Drug Plan and a Medicare Advantage plan with a Part D plan included.
A Medicare Prescription Drug Plan can simply add drug coverage to original Medicare or as in the Medicare Advantage Plan, offer additional services to the covered individual. If you are having trouble paying for your prescription drug plan, your first step is to see if you qualify for “Extra Help” from Social Security. By filling out a simple form (SSA-1020), you can find out if you qualify for up to a 95% reduction in the cost of your drug plan. Medicare Advantage plans often have similar cost reductions for those who need extra financial assistance buying their Medicare Prescription Drug Plan. “The Medicare Savings Program” is yet another option that may reduce your costs. While this program does not directly save money on Part D programs, it does save on Part A and Part B and consequently the money you save there can be used on your Part D or Medicare Prescription Drug Plan.
Medicare Advantage Plans can offer services such as mail order drug delivery and drug costs that are included in the plan premium for tier 1 drugs or generics. Prescription drugs can be shipped directly to your home after your doctor faxes the prescriptions to the mail order pharmacy for the plan. No additional costs are incurred by the covered individual, saving a significant amount of money.