Many people hear from their friends that people are purchasing Medicare benefits that cover their prescription medicines extensively and wonder if they too can purchase Medicare supplemental insurance that will cover them as well. If you are one of them, what you need to learn about is Medicare Part D and how it does apply to as long as you receive either Medicare Part A or B. The great news is, this is everybody who is over 65 and currently involved in Medicare plans. Since most elderly people fall into this category, the even better news is that if you enroll in Medicare Part D you can receive better prescription medication that will help you pay your healthcare bills.

In 2003 the government took a hard look at Medicare and saw that many people still could not afford their prescription medications as well as their daily bills, and thus were not purchasing the medications they were prescribed. This is obviously a problem as medical care is not sufficient if you cannot follow up with it. Thus, the government passed the 2003 Medicare Prescription Drug, Improvement, and Modernization Act of 2003 which included provisions for Medicare Part D. Medicare Part D became available to people who were looking for Medicare plans that allowed them to enroll in private prescription medication plans in 2006.

Since then, many people have joined Medicare Part D plans that allow them to access private plans that are more individualized and meet their individual prescription drug needs. These plans allow you to choose stand alone prescription medicine plans, partial medication plans, and prescription plans that work in conjunction with your Medicare Part A and B plans. Of course the one you choose to finally use as your Medicare part D will depend on the premiums you are looking to add onto your Medicare billing, and also the kinds of drugs you need in your Medicare coverage.

One of the first things that you need to know upfront about Medicare Part D is that it is only available to people who enroll in it before Nov 15th of the prior year that they seek coverage and aid in for the prescription medications. So, if you want to take advantage of Medicare Part D in order to minimize your prescription medication costs, you will want to seek the Medicare supplemental insurance before the Nov. 15th deadline. This aside, your next task is to figure out which Medicare part D section will work best for you. 

The answer to this can be found if you make use of the Medicare Prescription Drug Finder interactive online tool. Many elderly people do not like having to use the Internet to choose their plans, but there are guidance and aid classes offered at many libraries and government agencies and it really is the best way to find a plan that meets your specific needs. While some people claim this is unfair of Medicare, the online tool is much easier than trying to figure out all the details of the plans on your own, and since there are over 184 different plans across the nation, it is very vital.

When you go to use the online Medicare Part D tool, you will need to enter your current prescriptions and your preferred pharmacy, that’s it! The tool will than filter through the results by looking at which plan will save you the most money, covers all of your medical services, and is available in your geographic region. After all of this is set, then you can even choose to exclude certain drug categories you do not see a need for to reduce your Medicare premium even more.

The results you get for Medicare Plans that are available under Medicare Part D will all contain information about the three major phases of Medicare coverage. This is because as you reach your out of the pocket deductible you move into a new phase in which your co-pay decreases. Using the tool you can see what you will have to pay initially versus the end and find the plan that will save you the most over time. Of course for people who can never afford large co-pays, you can choose Medicare Part D plans that offer medium rates that do not reduce much, but do not start drastically high throughout any phase.