The Shopper’s Guide
You’ve shopped for health insurance, home owners insurance, and perhaps even pet insurance (yes, believe it or not, it exists.) Most people, however, have very little experience shopping for drug insurance plans, which is provided through Medicare. For this reason we offer some helpful tips to help you become a savvy shopper when it comes to purchasing a Medicare Prescription Drug Plan.
We all know that feeling, the doctor hands you your prescription after a visit and your stomach sinks at the thought of how much one measly prescription drug will cost you. Medicare Prescription Drug Plans will help cover some of these costs, but finding the right plan can be tough. When selecting a plan consider these factors:
Insurance plans usually have the same type of cost structure ie premiums, deductibles, etc. and prescription drug plans are no exception. Most Medicare Prescription Drug Plans charge a monthly premium and a yearly deductible. Some plans will have no deductible and some plans can charge as much as $310. No plan will charge above this amount as it is the 2011 limit on yearly deductibles for Medicare Prescription Drug Plans. You will also find different rates for coinsurance payments when selecting a prescription drug plan.
Coverage options refers to the question of what actual drugs are covered under each plan? To do this you will have to consult each prescription drug plan’s formulary. A formulary is like a master list of all the drugs covered under a certain plan. The most commonly prescribed medications for seniors are usually included on a formulary, but every plan is different so check the list to see if you particular prescription drug is covered.
You can find the perfect Medicare Prescription Drug Plan, but if your plan can only be used at a pharmacy across town, this can be a problem. Check to see if the pharmacy with which you typically do business is available through a particular plan. For some seniors, getting out of the house can even be an issue. The remedy for this problem is to find a plan that offers a mail-order program.
To get more information about Medicare Supplement Insurance plans, talk to one of our Medigap plan representatives today or use our instant quote below.