Health care costs are expensive—there is no doubt about that. Prescription drugs are also a drain on the wallet, and if you’re someone who requires numerous pills to stay healthy and out of pain, you might also be someone who worries about making ends meet with your budget.
Living on a tight budget is no way to spend your golden years, especially after a long life of working hard. While traditional Medicare helps to alleviate some of the costs, it only covers so much. This is where Medicare Advantage plans and Part D prescription coverage come in.
Medicare Advantage is offered through private insurance companies, as opposed to through the government. Medicare Advantage automatically has to cover what traditional Medicare covers—Part A and Part B—but most MA plans offer more coverage than that. Some even cover the cost of prescription drugs.
Part D prescription drug coverage is a supplement plan that also covers the cost of—you guessed it—prescription drugs. Both options have their merits. It’s important that you weigh the pros and cons of each before you decide on the right plan for you.
However, don’t take too long; Medicare Advantage and Medicare Part D have an annual enrollment period that lasts from October 15 to December 7. This annual enrollment period allows you to choose whatever coverage you need without any underwriting to determine if you have any pre-existing conditions. As long as you enroll by December 7, coverage will begin on January 1.
To learn more about this annual enrollment period—and for help in deciding which plan is right for you—visit us online.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.