Having prescription drug coverage is extremely important. Depending on which plan you choose, prescriptions may or may not be covered. Do you have traditional Medicare? Do you have a Medicare Advantage Plan or a Supplemental (Medigap) Plan?
The answers to those questions are the key to your prescription drug benefits. Keep reading to find out what options you may have for the proper prescription drug benefits that you need.
Medicare Supplemental (Medigap) Plans
Prescription Drug Coverage is NOT available through modern-era Medicare Supplemental Plans. If you have had a Supplemental plan before 2006, you may still be receiving prescription drug benefits.
To remedy this problem, Medicare offers a Part D plan. More on that later! If you do not have a Medigap plan, you may join a Medicare Advantage Plan that provides prescription drug coverage.
Medicare Advantage Plans
Some Medicare Advantage Plans offer prescription drug coverage. The companies that offer Medicare Advantage Plans are private, so each company is different in what they offer. The agents with Medicare Detectives can help you check with them for exact details.
Some Medicare Advantage options include Preferred Provider Organizations (PPO), Health Maintenance Organizations (HMO), Private Fee-For-Service Plans (PFFS) and Special Needs Plans.
The only option that is REQUIRED to provide prescription drug coverage is Special Needs Plans.
Medicare Part D
Even if you do not currently take prescription drugs, consider a prescription drug plan such as Medicare Part D. Part D is offered to everyone when they obtain Medicare. Suppose you decide not to have Medicare Part D and do not have other prescription drug coverage. In that case, you will be penalized if you join later. You will pay this penalty as long as you have Medicare coverage.
To receive Medicare drug coverage, you must be a part of a Medicare-approved plan that offers drug coverage. Medicare Part D Drug Plans cover a large selection of prescription drugs. These plans even cover protected classes, such as drugs for cancer patients. Drugs are usually classified into “tiers.” Each tier will have a different level of cost. Generally, drugs in a lower tier will be cheaper, and drugs in a higher tier will cost the most.
Need Prescription Drug Coverage?
In conclusion, modern Medicare Supplements DO NOT provide prescription drug coverage. You must obtain your prescription drug plan through other means such as Medicare Advantage Plans or Medicare Part D. Research all of your options before choosing the plan that is right for you. With Medicare Detectives, we can help you compare the many options available, saving you time and money.
We hope that this information has been helpful to you in your search for prescription drug coverage with Medicare. With careful planning, you will be on your way to the best medical care available to you.
Give Medicare Detectives a call today to learn more about your Medicare prescription drug coverage options!
