Also, the Stand Alone plans have a monthly premium and are paired with Original Medicare.
Each Plan has a Formulary or Drug List showing the medications covered by the plan. Medicare does not cover certain types of drugs. For example, Medicare doesn’t cover cosmetic drugs. Also, a plan’s Formulary (Drug List) is required to have at least 2 drugs in each category that is covered.
The medications are grouped into Tiers, usually from 1-5. Generic drugs are assigned a lower Tier. The lower your costs, copay. The higher tiers are for Brand name drugs have higher costs.
In addition, the plans have an annual deductible you will pay before your medication is covered by the plan. Also, there are various stages of drug coverage that will affect your costs.
These type of plans include hospital and medical coverage and additional benefits at no extra charge. These benefits are not covered by Original Medicare, such as dental, vision and gym memberships. As a result, these plans may work better for you.
Medicare Advantage Plans don’t charge an extra premium to include your drug coverage. However, they will still have an annual deductible if you buy a medication that is on a higher tier with a deductible. Also, you will have copays and coinsurance when you purchase a drug.
Stand Alone Prescription Drug Plans:
This type of plan can not be combined with a Medicare Advantage Plan. The plans have a monthly premium, deductible and copays or coinsurance for drugs.
Drugs that are covered, are listed in the plan’s Formulary. The formulary separates medications by Tier. The more expensive drugs are on higher Tiers and have a higher cost. You will pay a copay when you purchase them. They are also subject to an annual deductible before coverage starts.
Where you purchase your medications also affects your costs.
How to Save on Boynton Beach Drug Costs
In order to save on your Drug Costs you should compare how much your drugs will cost you if you enroll in a different plan. In order to do this you have to look at the Total Annual Costs for each plan. That way, you will find your best option to enroll in. Florida Seniors Health Insurance will guide you.
The 2 Choices for Medicare Drug Coverage: Medicare Advantage Prescription Drug Plan or a Stand-Alone Drug Plan: