As far as health care costs go, you’ll probably count prescription drug needs as regular bills. You probably also know that without insurance, these drugs can cost a pretty penny. Yet, if you have Medicare Advantage coverage, you’ll have to take a unique route to getting prescription coverage. Depending on the Advantage plan you have, you may or may not have automatic coverage. So, how do you guarantee you have prescription protection?
Don’t hesitate to talk to one of our agents about Medicare Advantage Prescription Drug plans. They can help you determine the best course of action to get coverage.
Understanding Medicare Advantage Prescription Coverage
Medicare Advantage plans are private health insurance coverage. They come from major health insurers and look a lot like Original Medicare. They must provide everything Medicare Part A and Part B cover (except hospice care). However, they offer certain perks not included in Original Medicare. Prescription drug coverage is often among these.
However, Original Medicare (Parts A & B) usually does not include prescription coverage. Even so, Original coverage participants can gain this protection by enrolling in Part D coverage. All the same, Medicare Advantage recipients can also get prescription coverage. However, the process differs a bit.
Instead of going through traditional Part D coverage, Advantage recipients usually can choose what is commonly called a Medicare Advantage Prescription Drug Plan. Some insurers refer to these as MA-PD coverage.
The Medicare Advantage marketplace includes multiple plan options, like HMOs or PPOs. So, often, your plan will offer the option for prescription coverage. To get this coverage, you simply ask your agent to include it on the policy. You won’t likely have to worry about getting an extra plan, in most cases.
Keep in mind, certain Advantage plans do not offer options for prescription coverage. In those cases, you can often access stand-alone, standard Part D coverage to get covered.
Costs of an Advantage Plan
How much you pay for your prescription coverage itself will vary. Since Medicare Advantage plans are private plans, the exact premium can change. Some plans even offer $0 premiums.
Even so, you will likely still face costs like coinsurance or co-payments when buying your medication. The exact costs of your pills, again, will vary. Advantage plans offer formularies, which divide drugs into different classes that determine prices. You’ll generally have choices of drugs. Therefore, you can compare medications of similar types to find the use and value that works for you.
Do not hesitate to investigate the prescription coverage offered by Medicare Advantage plans. Generally, you’ll find the flexibility of this coverage very beneficial.
Also Read: The Costs Within Your Medicare