Stand Alone Prescription Drug Plans (PDP)
How Does Medicare PDP Work?
The Medicare Prescription Drug Plan (PDP) is a type of insurance that helps anyone with Medicare by providing coverage for prescription drugs, whether generic or brand name. So if you have costly prescriptions or need them in the future, Medicare PDP can help take care of your needs.
Even though having Medicare makes you eligible for the plan, there's still a process in order to be covered. First, you must be at least three months shy of your 65th birthday in order to qualify. It's in your best interests to join when you are eligible. If not, you could be penalized and face unnecessary out-of-pocket expenses.
You can with a Medicare prescription drug plan, a Medicare Advantage Plan or any other Medicare Health Plan that can cover you. Make sure to closely compare plans when making a decision on coverage. Fortunately, enrollment is offered each year, so you have the option of changing plans if needed. In addition, keep in mind that depending on the plan, your premium, deductible and co-payment will vary.