Medicare Prescription Drug Coverage: What Do I Need to Know?

– [Narrator] What do you need to know about prescription drug coverage? Let’s unpack what you need to know. According to a 2016 study from the CDC, 40% of people over the age of 65 take five or more medications a day. Medicare can help you pay for it. A Medicare prescription drug plan is also known as Medicare Part D. To get Medicare drug coverage, you must join a plan run
by an insurance company or a private company approved by Medicare. There are two ways you can sign up. The first. Buy a standalone Medicare Part D plan. The second. Purchase a Medicare Advantage Plan that includes prescription drug coverage, and remember, you can only get these through
private insurance companies. Keep in mind. Each plan has a list of prescription drugs that it covers on a
list called a formulary. The formulary has information like which tier the drug is on. Tiers help determine how much
you’ll pay for your medicine. The formulary also tells
you about any special rules including whether there
are quantity limits. You can get the most
out of the Part D plan by checking different ways to save. Like reduced pricing at
preferred pharmacies, extra benefits or 90-day
drug prescriptions. Don’t forget. If you don’t sign up when
you’re first eligible, you could pay more in the form
of a late enrollment penalty. Got more questions, learn more at

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