Medicare Part D enrollment starts in just a few days (November 15), so this is the perfect time for AARP to answer your questions.
For those who don't know, Medicare Part D gives you insurance that assists you in paying for prescription drugs. And AARP.org has a special guide to help you choose a plan that's right for you. There is even a glossary of terms. As an intro, here are six important facts you should know about Medicare Part D program:
- Anyone on Medicare can get drug coverage regardless of income or health.
- You are not obliged to sign up (but there may be financial consequences if you don't enroll when you're first eligible to do so).
- To get Medicare drug coverage, you must select one approved private drug plan among many offering different choices. There is no single government plan.
- Is your income limited? If you qualify for a part of the program known as Extra Help, you'll pay very little for your medications.
- Are your drug costs very high? You'll pay no more than 5 percent of the cost of each prescription after you've spent a certain amount out of pocket in any one year.
- Do you have better drug coverage already? You probably won't need Medicare's Part D coverage. But it's wise to check.
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