How You Can Save Money on Prescription Costs

How You Can Save Money on Prescription Costs

There are no certainties in life, but you can try and make things easier, especially as you approach retirement age. Are you or someone you know approaching 65?  Have you thought about prescription costs?

If you are over 65 and on regular medication, then Medicare Part D might be an essential add-on to your health care plan. This optional part of Medicare may prove invaluable if you are on, or are likely to start needing long term medication.

Not sure if you or someone you know would qualify or need Medicare part D? Read on – here are the facts.

What is Medicare Part D?

Medicare Part D is a type of medical insurance cover offered by the US government. It allows you to receive assistance with costs for prescriptions and medicines that are not covered by the rest of your Medicare plan.

How do I know if I’m eligible?

If you are already eligible for parts A or B, you can make an application for Part D.  This innovative program is sponsored by the Federal Government. It is designed to ensure the health of seniors, allowing them to keep fit and active into their old age. You have to be over 65 or have certain disabilities that require long-term medication.  If you have Advantage cover, chances are you are covered already but do check your plan to make sure.

Why should I get Part D?

Balancing financial commitments with healthcare costs is a burden at the best of times. The last thing you want to be worrying about as you get closer to retirement age is how you are going to cope financially. Health issues can creep up on any of us at any time. Most people are only one or two paychecks away from difficulty should the worst happen, so it pays to have peace of mind. Maybe it’s not for you but an older relative. Without this insurance, could they afford essential medications if they fell ill? Would the responsibility fall to you or another family member? Part D could save you lots of money in the long term. You could also have access to a wider range of essential medications. What price can you put on your health?

When should I get Part D?

You should sign up for this benefit as soon as you are eligible. If you fail to do so you will face a penalty fee when you do eventually do enrol.

How does Part D work?

Once you have enrolled your membership card and all the information you require will arrive in the mail. When you utilize your card, you’ll pay a deductible, co-insurance, or co-pay to get your medication. There are different terms and conditions depending on which provider you choose to purchase  cover from.

You should always take advice on what Medicare cover is best for you. It is a crucial decision that you should think over carefully. You need to take current health into consideration, but you also have to try and plan for the unknown too. It’s no easy task, but armed with the facts; you should find it much simpler to find what’s right for you.

Photo courtesy of Ben Harvey / Flickr.

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