Medicare Part D – Drug coverage
The drug business has transformed from the “Snake Oil” days to a major part of American Society. Cost of such benefits however for many, is a major part of their financial expenses. For this reason Part D was created for those on Medicare. It is common knowledge that as we age, the potential need for prescriptions increase.
The Drug plan.
Part D Drug
The cost of drugs, a major conversation topics among retirees for years.
Controlling the cost.
Affording the prescribed drugs.
Finding the best price etc.
very few people are totally happy with the options available.
To help retiree’s, the Government created Medicare’s Part D. The Part D of Medicare has mixed opinions. To often the cost of the insurance is higher than the cost of drugs needed. Looking for options, various plans “saver type” plans have been developed, using Canadian orders which have increased or enrolling into an Advantage plan.
In order to comply with regulations, one needs to have ” Credible Coverage“. That can be done with a Drug Plan, VA Benefits, Advantage Plan, Employer or Union benefits. If you elect to not enroll in a drug plan, which is an option. Should you need drug plan benefits at a later time, you will have a penalty which is in addition to the regular premium.
The Part D is only available from an insurance company. It is regulated by Medicare, but not sold by Medicare. It is sold as an independent plan to accompany the purchase of a supplement. It also is available as part of a Part C plan – HMO or PPO. There are restrictions as to when you are able to purchase the plans and other regulations that you should be aware of. Please contact us to review your needs and the plans or options available to you.
Using this plan, you will have a monthly premium, unless a part of a Plan C, and co-pays. The drugs are classified by the company into “TIERS”. Each tier will have it’s own co-pay as set by the company. They will vary from company to company. This same structure will carry over to the Advantage plan, but without the premium.
Part D Guide –
Follow this link for a brochure from CMS regarding Part D.
Drug Pan Options –
One option used is to order drugs from Canada. The prices are lower and the quality is good. I have heard good reports regarding Canadian, India. and British orders. One client had been recommended by her Dr. to contact Clayman in Canada . You might consider contacting them for more information. I am only sharing this information. I do not provide any warranties for Clayman’s or any other source.
In Florida, many of the Antibiotics are free at Publix. Check with your local store.
Many pharmacies will have Tiers 1 & 2, basic generic drugs at a low cost. Have your Dr. prescribe a generic whenever possible.
If the required drug is expensive, consider contacting the company for discounts.
I have seen companies and organizations able to assist in lowering high priced drugs.
The Donut Hole –
The Donut Hole: The common term used to describe the ” Coverage Gap Stage “. After hitting a usage limit, your co-pays will change. This section will last until you attain another higher usage limit. Then you will hit the ” Catastrophic Coverage Stage” .
Please note that you reach the Donut Hole when you spend a total amount of money, adjusted annually. That amount consists of what your total is of the retail price from the dispensing pharmacy. More accurately – it is the amount you pay in co-pay plus what the insurance company pays – to equal the amount charged by the pharmacy. To reduce or postpone how soon you enter the Donut Hole, shop the retail costs or use Generics when possible.
Again, there are a lot of details that can not be adequately covered here.