Image

12:28 PM / Wednesday May 1, 2024

21 Nov 2018

The value of prescription drug benefits for Medicare enrollees

  • Facebook
  • Twitter
November 21, 2018 Category: Health Posted by:

NEWSUSA

If you are eligible for Medicare, prescription drug benefits should be an important consideration when it comes to choosing among various Medicare coverage options.

It’s important to know that Original Medicare provides very little prescription drug coverage. Therefore, if you have Medicare and want drug coverage – known as Medicare Part D – you will need to purchase it from a private company, such as Humana. You can either buy a stand-alone prescription drug plan (PDP) or obtain Part D prescription coverage through a Medicare Advantage plan that includes prescription benefits.

Even if you’re not currently taking prescription medications, it is still a good idea to look into getting prescription drug coverage as soon as possible.

One reason is that you may need to start taking a prescription medication sooner than you expect, but you can’t just sign up for coverage at any time. You can sign up for coverage only when you first become Medicare-eligible (typically at age 65) or during the Medicare Advantage and Prescription Drug Plan Annual Election Period, which runs each year from Oct. 15 through Dec. 7, for coverage that starts on Jan. 1 of the following year.

A second reason to enroll in Part D coverage as soon as you are eligible is to avoid an enrollment penalty. 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. Penalties can range from a few dollars up to more than $20 each month on top of your premium. This can be a significant cost if you’re living on a fixed income. Once a penalty is assessed, it never goes away.

“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,” said Jeff Fernandez, senior vice president for Humana’s Medicare West Region & MarketPoint Administration.

Even if you are already in a plan, the Medicare Advantage and Prescription Drug Plan Annual Election Period (Oct. 15-Dec. 7) is the time to take a good look at all your plan options and find the coverage that is right for you.

Humana is a Medicare Advantage HMO, PPO and PFFS organization and a stand-alone prescription drug plan with a Medicare contract. Enrollment in any Humana plan depends on plan renewal.

  • Facebook
  • Twitter

Leave a Comment

Recent News

Sports

On The Brink of Elimination:

April 30, 2024

Tweet Email The Philadelphia 76ers are on the verge of yet another early playoff exit. ABOVE PHOTO:...

Philly NAACP

April 28, 2024

April 28, 2024

Tweet Email Tweet Email Related Posts Philadelphia Judicial Primary Candidates At A Glance Guide Philadelphia Judicial Candidates...

Health

Six ways to smell fresher from your pits to your bits

April 27, 2024

Tweet Email BPT There’s a funny thing about body odor. It’s not confined to your underarms. It...

Election 2024

Crush of lawsuits over voting in multiple states creates a shadow war for the 2024 election

April 28, 2024

Tweet Email ABOVE PHOTO: Allegheny County Election Division Deputy Manager Chet Harhut carries a container of mail-in...

Color Of Money

Experts say viewing your car as an investment can improve your finances

April 27, 2024

Tweet Email BPT In these inflationary times, the cost of owning a car seems to increase on...

Seniors

Finding your strength while living with Thyroid Eye Disease (TED)

April 22, 2024

Tweet Email BPT LaQuilla Harris, a devoted mother, grandmother and retired property manager, led a healthy and...

The Philadelphia Sunday Sun Staff