Prescription Drugs
Seniors generally use more prescription drugs than other segments of society, yet often do not have adequate insurance coverage to help pay for those drugs. A prescription drug plan geared specifically for seniors often is needed to augment Medicare prescription drug coverage.
Original Medicare
Medicare is government provided insurance for American adults over the age of 65. Navigating the complex world of the various Medicare plans can be confusing. Basic Medicare is what is known as a fee-for-service plan meant to cover a variety of health services and supplies. Medicare Part A is hospital coverage and Medicare Part B is medical coverage.
Medicare Health Plans
These are Medicare approved plans managed by private insurance companies. Anyone using these HMO or PPO plans is still in Medicare and covered under Parts A and Parts B. Medicare Health Plans also offer extras like drug coverage, but usually require seniors to use doctors and services in their network.
Medicare Prescription Drug Plan
Private insurance companies offer prescription drug plans specifically designed to augment Medicare drug coverage. Senior finances often have restricted income and these plans can help make prescription drugs more affordable by working in tandem with Medicare.
Private plans working with Medicare vary from state to state, but seniors should know that these plans usually require a low monthly premium payment and sometimes have deductibles. The drug coverage plans will offer discounts on many of the drugs seniors use on a daily basis. Some plans may cap spending on drugs for the year at $2500 - $5000.
It is important to shop around and find the right plan. A good place to start is looking at what may be offered through associations or other groups a senior may belong to. Resources and free quotes are available through online services. Also, ask friends how they found their plans and what they like and dislike about their own coverage. Help with Medicare prescription drug coverage is out there and can provide valuable savings. |
