Original Medicare does not cover prescription drugs (those you buy in a pharmacy). Therefore you should get a separate Prescription Drug Plan (Part D). Such plans are offered through private insurance companies, like Humana, Silverscript, United Healthcare etc. All the plans have to meet certain requirements, however they can differ considerably in regards to their formularies (the drug lists) and in the coverage. They also vary in monthly premiums (the lowest premium plan in the Chicago area is $13.20, the highest is $135.90).
Before you purchase a Prescription Drug Plan you should find out how much you will pay for your medications with a particular plan. We can do this drug analysis - so you will know the costs of your medications and your premiums for the entire calendar year.
You should buy a Prescription Drug Plan when you are first eligible (when you enroll in Medicare). If you don't have a Prescription Drug Plan or other creditable coverage you may owe a late enrollment penalty.
Prescription Drug Plans can be changed every year during the Annual Enrollment Period (from October 15th to December 7th) and under special circumstances (for example when you move to a different service area).
If you have Medicare Advantage insurance, you most probably don't need a separate Prescription Drug Plan. Medicare Advantage plans usually cover medications.
Please call our agency for more information. We offer a variety of Prescription Drug plans. We will conduct a drug analysis for you and we will help you get the right plan for your needs.