Prescription drug benefits are an important aspect of Medicare coverage.
Original Medicare does not provide prescription drug coverage. If you are eligible for Medicare Part D, you will need to buy it from a private company such as Humana. Either you can purchase a standalone prescription drug plan (PDP), or you can get Part D prescription coverage through Medicare Advantage plans that include prescription benefits.
Even if you don’t currently take prescription medication, it is a good idea not to wait and look into prescription drug coverage.
You may have to begin taking prescription medications sooner than expected. However, you cannot sign up for coverage anytime. Signing up for coverage is only possible once you have become Medicare-eligible, usually at 65 years old.
To avoid an enrollment fee, another reason to enroll in Part D coverage is to be eligible. If you wait to sign up, the Centers for Medicare & Medicaid Services (CMS) can charge you a penalty every month, in addition to the plan’s monthly premiums. You could be charged a penalty of up to $20 per month, on top your monthly premium. If you are on a fixed income, this can add up to a substantial amount. The penalty cannot be refunded once it is assessed.
“Fortunately, there are plenty of resources available to help you choose the drug coverage that is right for you, such as talking with a licensed insurance professional or visiting Medicare.gov to compare all of the plans offered in your county,”says Jeff Fernandez, Senior Vice President for Humana’s Medicare West Region & MarketPoint Administration.
Even if you’re already enrolled in a plan the Medicare Advantage/Prescription Drug Plan Annual election Period (Oct.15-Dec.7) is a great time to look at all of your options and choose the right coverage.
Humana is a Medicare Advantage HMO and PPO organization. It also offers a stand-alone prescription plan and a Medicare contract. Renewing your plan is necessary to be eligible for enrollment in any Humana program.
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