4 things to know about prescription coverage

Including how to avoid getting penalized.

Did you know? It's required to have prescription drug coverage For most Medicare beneficiaries, prescription drug coverage is just as much of a necessity as hospital and medical coverage — and under Medicare rules, it's required. Luckily, both original Medicare and Medicare Advantage offer prescription drug coverage. Today we're talking about: the rules surrounding Medicare's prescription drug coverage how to avoid getting penalized for not having prescription drug coverage how to get prescription drug coverage with original Medicare and Medicare Advantage 1. If you have original Medicare, you'll need to enroll in a Medicare Part D Part D plans are prescription drug plans offered by private insurance companies that contract with Medicare to supply coverage. You'll need to look for a plan that's offered in your state. 2. There's a penalty for not having prescription drug coverage Medicare will charge you a permanent Part D late enrollment penalty if you go without prescription drug coverage for 63 days or more after enrollment. If you're penalized, you'll owe an additional premium amount each month for as long as you're enrolled in Medicare. 3. Most Medicare Advantage plans include prescription coverage, but not all of them If your Medicare Advantage plan doesn't offer prescription drug coverage, you'll want to make sure you're enrolled in another form of creditable coverage, such as a separate Part D plan or private employer plan. 4. If you already have prescription drug coverage, you may be able to keep it If you already have creditable prescription drug coverage that you don't want to drop, such as drug coverage through your employer or your spouse's employer, you can keep it without facing a late penalty fee as long as it pays the same as Medicare's standard prescription drug coverage. Learn more about how prescription drug coverage works with other insurance coverage here. One thing you can do today Make a list of all your current prescription costs. Keep this information in mind as you compare plans. (Reminder: This tool can help!) Tomorrow, it's time to get ready to enroll! We'll tell you what you need to know to sign up with confidence. Until next time, The Healthline Team Learn more about Medicare and find answers to your questions. GUIDE TO MEDICARE Read These Next Are Medicare Premiums Deducted from My Social Security Benefits? READ ON Drug Coupons and Medicare: What You Need to Know READ ON

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