It’s hard to be smart about Medicare when there are so many parts that it reminds you of Legos.
The Medicare Plan is not easy to understand and that is why so many people throw their hands up in the air and fake it. Funny they do not pick up the phone and call a qualified health insurance agent who could walk them through the “parts” landmines. Insurance agents are there to help people find what they need to suit their own personal situation.
Medicare has its good and bad points. The good part, of course, is the fact that it was brought into being. The bad part is the complexity of the plan and the fact that there are holes (call them gaps) in it. One of the holes happens to be drug coverage. This is where Part D of the Medicare Insurance Plan comes into play. It helps people cover the costs of their prescription drugs.
To get Part D coverage, make plans to approach an insurance company that sells Part D plans. If a limited income is a major roadblock to getting decent health care coverage and Part D, then make inquiries about assistance. In most instances, if a family or individual is financially strapped, Medicare will pay most of the cost for prescribed drugs.
Another benefit to Medicare Part D plans is that there are at least 3 plans available. This is different from the standardized A through L plans of Medicare. The main reason for the differences is due to each insurance company’s pharmacy networks, co-pays and formulary lists. The cost of the plans will vary depending on the benefits offered. There are other plans that will kick in with a co-pay immediately – usually the more popular plan.
Here is a tip about using the plans – the pricier plans cover generic drugs through something called the doughnut. This is a dollar amount where the Part D plan recipient pays out-of-pocket expenses. So if this is what is needed, then ask the insurance agent to explain how it works.
People who have a large number of prescriptions will generally feel better with a more expensive plan, as it will give more coverage. On the other hand, those who are not taking any drugs or very few, may wish to go for a cheaper option.
Talking to a local health care insurance agent is the best way to find out what options would work for a family or an individual. Local agents know their market well and also know the inside scoop on which pharmacy networks offer the best advantages. The advice is free and that’s a nice bonus.
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