Medicare prescription drug help?!
Question: I will need to get Medicare starting July 1. I will lose disability pay and my current health company. I will need a prescription drug plan. I just looked up the ones in my area and there are over forty of them. How do I know which one to chose. Do I go by premium amount - some have 0 premiums which is strange.
Do I go by deductible? Do I find a company name that I know? I am so confused here and have no idea which one to chose, nor do I know what to look for when choosing one.
Are there any Medicare people that I could talk to who could help me? I have no experience with Medicare so I have no idea what I am doing, other than the fact that I must take Part A and B.......... and - I need prescription coverage.
Thank you.
Answers: I will need to get Medicare starting July 1. I will lose disability pay and my current health company. I will need a prescription drug plan. I just looked up the ones in my area and there are over forty of them. How do I know which one to chose. Do I go by premium amount - some have 0 premiums which is strange.
Do I go by deductible? Do I find a company name that I know? I am so confused here and have no idea which one to chose, nor do I know what to look for when choosing one.
Are there any Medicare people that I could talk to who could help me? I have no experience with Medicare so I have no idea what I am doing, other than the fact that I must take Part A and B.......... and - I need prescription coverage.
Thank you.
It can be very complicated so I'll just give the highlights here.
There are no stand-alone Part D prescription drug plans available for a $0 premium. There are several Part C Medicare Advantage plans (with health coverage) that have a $0 or low monthly premium. It is not strange; the short answer is Medicare pays the insurance company each month when you have one of these plans. Many Medicare Advantage plans, even the ones with a $0 premium, have Part D drug coverage included. None of the Medicare Supplements and some of the Medicare Advantage plans do not have drug coverage. If you get one of these you'll need a separate stand-alone Part D plan.
The premium and deductible is not indicative of the best plan. As an independent agent I'm able to find the best plan for my client. I just put one client on a plan with a $62 monthly premium because his drugs will cost $250 less per month than the best $0 premium plan. Another client I put on a $0 premium plan because her drug costs were $30 per month less than any other plan. Depending upon your situation, there can be several thousand dollars difference in your out-of-pocket costs with different plans.
A company name you know is not indicative of the best plan. Medicare is very strict with the insurance companies and all companies must follow the basic Medicare template. Also, if you get on a plan that you don't like or that isn't right you can change every year.
You'll need to find an independent agent that works with all the major senior products for assistance. The agent can take time to set down with you and answer all your questions. Since they work with all the major plans they won't try to shoe-horn you into a plan. You'll need to find out which is the best plan for you, a Medicare Advantage plan or a Medicare Supplement. You'll need to find out how much your medications will cost, if and when you'll go into the "donut hole" or coverage gap and how much your medications will cost in the gap, if and when you'll come out of the gap and how much they'll cost at that time. Many plan have some coverage through the gap but those are not always the most cost effective. You'll also need to make sure your doctor will accept whichever plan you get. A good agent will help you with all of this
There are a few ways to go with this. You can take Medicare Part D that provides prescription coverage. Part D had "doughnuts" which means there are certain periods that you have no coverage until you meet an out of pocket expense. Or, you could take a supplement plan like AARP, which provides prescription and helps cover the Part D portion. My best advise, go to your Pharmacy and ask your pharmacist to help you figure out which plan is best for you. The pharmacist will know what scripts you are using and how much you will be out of pocket on Part D, or if you need the supplement to take care of the doughnut part of the coverage. It's very confusing...even for insurance agents. We send our medicare clients to the pharmacy for help.
Hello, I'm not old enough yet to receive Medicare, however, I've helped my inlaws. Medicare has a supplemental Plan D drug programs. You may want to visit the following website:
http://www.ncpssm.org/news/archive/FAQ_D...
It's a very helpful website designed to assist senior citizens get the most accurate information possible about Part D so they can make informed decisions about whether to enroll in the prescription drug benefit program and how to pick a plan that best serves their needs. Good luck.