By Amy De Vore+ | Monday June 27, 2013
So your parent is turning 65 and you don’t know what you need to do? Well, plan a party, hug your father a lot, and help him find out about senior health insurance. It is actually pretty easy to understand, it just seems complicated. Since I’ve been helping my parents I figured I would make a list about what can help with yours out. Here is the list of the three things your parents should get:
1) Medicare
2) Medigap
3) Rx Coverage
This is the third installment of a 3-part article and we are going to focus on Prescription Drug Plans.
If Your Parent Has Medicare Does He Need Rx Coverage?
Yes. Medicare does not cover prescriptions. As you know from getting your own medicines at the local drug store how much they cost without a copay, imagine how much it would cost without even a negotiated rate. It is pretty important that your parents have Medicare Part D, better known as a Prescription Drug Plan.
What Drugs are Covered with a PDP?
Whatever plan you help your parent choose will have its own list of covered drugs (called a formulary). Most drug plans “tier” their drugs from low to high cost. But all Medicare Part D must also cover all vaccines like the Shingles vaccine.
Make sure to look over your parents current prescriptions and ask their doctor if there are any drugs that your parent might take in the future in order to decide which drug plan is the best for your parent.
When to Enroll in a Rx Plan
During the 7-month period that starts 3 months before the month your parent turns 65, the birth month, and ends 3 full months after their 65th birthday month. If your parent were to miss the initial period he may enroll between April 1–June 30.
Rx Plan Tips
Sign up for both Medicare Part A and B
Get a Medigap Plan to fill in the gaps Medicare leaves open. Click here to read the Medigap Overview Page.
Make sure the drug plan covers your parents current prescriptions
Next Steps
Read the previous installments of this article so that you are well versed on how to help your parent out: Medigap and Your Parents and Original Medicare and Your Parents.
Now that you’ve learned how to get prescription drug coverage, learn if Medigap covers dental. If you would like to speak to an agent about specific questions in regards to Medicare Part D for your parents contact Medicoverage at 800-930-7956.
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