65 years of age and above makes any person residing in the United States eligible for Medicare. But prescription coverage is available if and only if you are enrolled under a Medicare plan. As the name suggests, prescription coverage offers to pay all eligible medical bills with regards to generic and brand name prescription drugs. Coverage usually involves all major pharmacies and drug stores in the memberís locality only if the former happen to be participating providers. If you are 65 or above and seeking to find a solution for rising costs on prescription drugs, prescription coverage can mean the end to your troubles.
Prescription coverage plans tend to be an extremely accessible form of insurance. That is why no matter what your income is you can always sign up for prescription coverage (age and Medicare enrollment, though, are taken as minimum yardsticks). Even your current health condition and level of expenditure on prescription drugs (both generic and brand name) are also not considerations insurance companies take into account while providing you with prescription drug coverage.
So when is the perfect time to get prescription coverage? After you have enrolled for Medicare, the time frame for prescription drug enrollment stays between three months prior to your sixty fifth birthday to three months succeeding the same. Disregarding the first instance of eligibility can end up being a source of worry for you. In most cases, under such circumstances, you need to pay a fine or penalty. If this year you have not signed up for prescription coverage at the first eligible instance, you may try to do the same in the time period ranging between November 15 and December 31 2008.
The kind of coverage you require from your prescription plan directly depends on the kind of coverage you have at the moment. Getting prescription coverage is not all that difficult considering there are several ways of accessing such insurance. One way is to sign up for an advantage plan created specially for the Medicare eligible. Alternatively you could even enroll for a Medicare health plan. Expenditure on a prescription plan involves deductibles, premiums and co- pays. In most cases the deductible you need to pay is on an annual basis. As for the premiums, they may either be expensive or affordable. If you have the resources, it is always better to opt for higher premiums since they offer a number of extra benefits against a high premium pay. Co pays or sharing of medical costs between you and the insurance company depends on the nature of the plan youíve chosen.
Several people might come up with the brilliant idea and tell you that prescription coverage is not necessary but think again before shelving plans completely. Studies show people over 65 years of age tend to rely mostly on prescription drugs to maintain health stability and this should be reason enough for you to believe in prescription coverage. Right from controlling costs to giving you extra benefits, prescription plans are a handy tool for the aged.