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Turning 65? How do I compare Medicare Part D plans? How do I avoid making a mistake? How does the deductible work? Video explains
Am I required to buy a drug plan? How often can I change my Medicare Part D? How much does Part D cost? Where do I find prescription drug plans? How much will my medications cost?
site: medicare part d
A popular consumer magazine suggests using Medicare.gov to review plans.
That’s all well and good but navigating the Medicare Part D maze is perhaps more difficult than any other topic. Here are a few terms you should familiarize yourself with before tackling drug plans by yourself.
ICL – Initial Coverage Level
Preferred pharmacy’s vs standard pharmacy’s
Drug List ID and Password Date
Too often consumers purchase a drug plan based on the lowest premium. Or they will only consider plans that do not have a deductible. Another common mistake is believing your best choice is to buy your Part D coverage from the same carrier that sold you a Medicare supplement plan.
My best advice is, “Don’t do that”.
Don’t buy a drug plan based on the lowest monthly premium
Always consider Part D plans that have a deductible
Shop your drug plan separately from Medigap coverage
Remember, Medicare Part D can be changed every year without regard to medical underwriting. If your agent does not review your drug plan options during AEP (Annual Election Period) perhaps it is time to find a new agent.
Call me. I want to help. (404) 252-5859
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Original Medicare has 4 parts.
Medicare Part A covers hospital inpatient charges and has a per admission deductible
Medicare Part B is for outpatient health care treatment. Doctor visits, labs, X-rays, MRI, CT scan (CAT scan), ambulance, ER, outpatient clinics, etc. Essentially any Medicare approved health care received outside the hospital setting. Treatment considered medically necessary under Medicare guidelines. Medicare Part B has a calendar year deductible. Once satisfied, Medicare pays 80% of the approved charge, you are responsible for the remaining 20%.
Most seniors worry about hospital stays, but your major expenses will more than likely fall under Medicare Part B outpatient expenses. Original Medicare stand alone has no cap on your out of pocket expenses.
You pay until you run out of money, get well or die.
Medicare Part C is now referred to as Medicare Advantage. More on that later.
Medicare Part D covers outpatient prescription drugs. Some Advantage plans have drug coverage built into the plan.
I enrolled in Medicare in September, 2015. Cancer is a word I know too well. My mothers twin sister and older sister died of cancer. My wife’s father and mother died because of cancer. All 5 of my father-in-laws siblings died of cancer. Two of my mother-in-laws siblings died of cancer.
I have seen what cancer can do to the human body and the misery that accompanies this dread illness. If you are diagnosed with cancer, the last thing on your mind should not be “How will I pay for my treatment?”
I know how quickly things can change. When my health changes I want to control the direction of my care. Insurance carriers are not going to give me a list of doctors and tell me this year I can only use these, and next year the list may change.
I am enrolled in original Medicare plus Medigap plan N.
Shop and compare Georgia Medigap rates online. Instant quote. Up to 30 plans
FREE REPORT for over 240 different GA Medigap carriers available on request. We quote Medicare supplement rates by phone and email your custom report. No obligation.
Comprehensive Part D Medicare drug plan review for new and existing clients. Learn the secret to saving hundreds on prescription drug costs.A drug plan deductible is your friend.
You may not know it, but the Mayo Clinic does not participate in any Medicare Advantage plans.
M D Anderson is another cancer treatment facility that does not accept Medicare Advantage plans.
A study from the Medicare Rights discovered the number one reason for disenrolling from a Medicare Advantage plan was “provider access problems”. Number 4 on the list was “cost sharing too high”.
You may never receive a cancer diagnosis. I hope you don’t. But one thing I can tell you with certainty is this. Original Medicare and a supplement plan provides assurance the funds will be there to pay for almost all of your care.
How do you find the best Medicare drug plan? Ask us. We can help. Bob Vineyard and Georgia Medicare Plans offers advice on Part D every day of the week. Open enrollment is coming up. Find the drug plan that is right for you.