Benefits of a Medicare Prescription Drug Coverage Plan

Medicare prescription drug plans have many advantages. You can:

• Get coverage for generic and brand name drugs you may currently use.  When you evaluate a plan, check to see if your drugs are included in the formulary (a formulary is simply the list of drugs covered in a drug plan).

• Use the same pharmacies you may be currently using.  When you evaluate a plan, you should check to see which pharmacies are covered.  Many plans may also offer mail-order availability.

• Protect for the future because your situation today may change.  If you decide to enroll in later years and you are currently eligible for Medicare now, the cost will be greater than if you sign up now (see Q & A on “lock-out” periods and relevant penalties).

• Pay an affordable premium.  The national average is expected to be around $32.20 a month.  You can even decide to have the premium deducted from your Social Security check.

• Pair a Medicare prescription drug plan with a Medicare Supplement plan for broad drug, physicianphysician and hospital coverage.  For more information on Medicare Supplement plans, please click here.

 

Last updated 09/26/2005 - S5715-MRK-ILWebsite