Prescription Drug Plans

Prescription Drug Coverage

Medicare prescription drug coverage is an optional benefit, and here is what you should know:

  • Medicare offers drug coverage to everyone with Medicare.
  • If you don’t take prescriptions now, you should consider joining a Medicare drug plan. If you decide not to join a Medicare drug plan when you’re first eligible, and you don’t have other creditable prescription drug coverage or get Extra Help, you’ll likely pay a late enrollment penalty if you join a plan later. Generally, you’ll pay this penalty for as long as you have
  • Medicare prescription drug coverage.
  • To get Medicare prescription drug coverage, you must join a plan approved by Medicare that offers Medicare drug coverage. Each plan can vary in cost and specific drugs covered.

Getting Medicare Prescription Coverage

There are two ways to get Medicare prescription drug coverage:

  • Medicare Prescription Drug Plans. These plans (sometimes called “PDPs”) add drug coverage to Original Medicare, some Medicare Cost Plans, some Medicare Private Fee-for-Service (PFFS) plans, and Medicare Medical Savings Account (MSA) plans. You must have Part A and/or Part B to join a Medicare Prescription Drug Plan.
  • Medicare Advantage Plans (like HMOs or PPOs) or other Medicare health plans that offer Medicare prescription drug coverage. You get all of your Part A, Part B, and prescription drug coverage (Part D), through these plans. Advantage Plans with prescription drug coverage are sometimes called “MA-PDs.” Remember, you must have Part A and Part B to join a Medicare Advantage Plan, make sure the plan you choose has a prescription drug benefit if you need it.

Contact us if you have questions about Prescription Drug Plans. Based in Dallas, Texas, we proudly serve clients throughout Texas and Kansas City Metro.