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The Original Medicare Plan does not cover most prescription drugs. You may choose to buy a Medicare Part D* plan to help you pay for your prescription drug costs. Medicare Part D plans are offered through private companies that have agreements with Medicare. Plans come with different premiums and copayments. The specific drugs covered by a particular plan may vary from year to year and will be listed on your plan's published formulary.
You will have to pay a monthly premium for your plan. If you don't enroll in a drug plan when you first become eligible, you may have to pay a late enrollment penalty. You may avoid the late enrollment penalty if you can show you had “creditable” drug coverage during the time you were eligible for a Medicare Part D prescription drug plan but did not have one. You may receive your Part D prescription drug coverage through certain kinds of Medicare Advantage plans. If you receive drug coverage through a Medicare Advantage plan, you will not need and will not be able to buy a separate policy.
For more information on Medicare Part D plans and coverage. Request a quote today >>
When you buy prescription drugs with a Medicare Part D plan, you may have to pay a copayment, coinsurance, or deductible amount for your prescriptions. Some plans have a yearly deductible. The amount will vary based on how much your plan covers for certain kinds of drugs. Some plans require you to use certain pharmacies to receive coverage, and some allow you to buy your drugs through the mail. Most drug plans also have a coverage gap, which means after you have spent a certain amount for drugs during the year, you must pay all of your drug costs out of pocket until you reach a certain limit set by your plan. After you have reached the limit, you receive “catastrophic coverage” and only pay a small copayment or coinsurance for any further drugs. Some plans may offer some coverage during the gap, but may charge a higher monthly premium. Check with the plan you are interested in for more details.
Get a quote for Medicare Part D plans and coverage. Request a quote today >>
* You may be able to get extra help to pay for your prescription drug premiums and costs. To see if you qualify for getting extra help, call:
1-800-MEDICARE (1-800-633-4227). TTY/TDD users should call 1-877-486-2048, 24 hours a day/7 days a week;
The Social Security Administration at 1-800-772-1213 between 7 a.m. and 7 p.m., Monday through Friday. TTY/TDD users should call, 1-800-325-0778; or Your State Medicaid Office
Dental or vision options can be added to your
coverage.
Living longer means paying more for health care.
A woman who retires at 65 can expect to maintain her health until the age of 84, on average.2
Men who expect high health costs after they turn 65 end up retiring – on average – 13 months later than those who don't.3