Prescription Drug Plans & Medicare
What You Need to Know to Get Your Medication Covered
For many older adults, taking prescription medications are an essential component of their overall wellbeing. Up to 89 percent of seniors age 65 and older take at least one prescription medication.1 While some medication is covered under Medicare Part A and Part B, you may need supplemental coverage to remedy the gaps within your plan. Fortunately, there are additional Medicare plans, and plans that consolidate coverage, that can give you a more encompassing healthcare plan. Find out more about Medicare Prescription Drug Coverage (Part D) and its alternatives.
What Are Your Medicare Prescription Drug Coverage Options?
When someone elects to enroll in Medicare, it often comes in two parts – Medicare Part A (hospital insurance) and Medicare Part B (medical insurance). These plans are also known as Original Medicare. Each plan provides limited coverage for medication, typically administered during a hospital stay or in conjunction with a treatment administered by a doctor. However, when it comes to self-administered drugs, such as prescriptions, Original Medicare may not be enough. That’s why people choose to enroll in Medicare plans that include prescription drug coverage.2 There are two ways to enroll in a prescription drug plan with Medicare:
Medicare Prescription Drug Plan (PDP)
A Medicare Part D plan, also known as PDPs, are private insurance policies that help cover the cost of prescription drugs. These plans are used in conjunction with Original Medicare.
Medicare Advantage Plan
Also known as Medicare Part C, Medicare Advantage Plans are government-regulated plans issued by private insurance companies. With these plans, you generally get all the benefits of Medicare Part A, Part B and Part D, consolidated into one plan. Please note that not all MA plans include prescription drug coverage.