What is Medicare Part D? Do You Qualify?

Everyone needs medication from time to time, especially those getting older and facing more of the health problems common after retirement age. That is where the need for Medicare part D comes into play. This section of the Medicare plan ensures that those on any type of Medicare plan have affordable access to the medications they need now and in the future.

While part A and part B of the Medicare plans are designed to cover hospital stays, doctor fees, and other types of necessary medical expenses, part D is for drugs only.

Most people today gain access to medication coverage through their Medicare Advantage plan, which often covers every aspect of medical care. For those who opt only to purchase a part D coverage plan, they are available through most major insurance companies at very reasonable rates.

Medicare Advantage is the most affordable option for most people. It also makes the whole process a lot simpler since it combines the coverage from Medicare parts A, B, and D all into one policy. Since these plans can include benefits that aren't received otherwise, it will end up saving most people money over time.

How much these plans cost essentially depends on the plan chosen. A part D plan should always include coverage for brand name as well as generic drugs, whether it is part of an Advantage plan or a straight part D plan.

If you are interested in signing up for a Medicare part D plan, make sure to compare policy terms and quotes from different companies before making your final choice. Each person will pay a different rate, so it is in your best advantage to check with a variety of companies and ensure you are paying a reasonable co-pay and premium for your coverage. Of course, those with limited financial power may qualify for low cost or even free coverage.