VIDEO:
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With the new Medicare benefit Part D plan, there are a lot of choices.
Your Medicare Benefit May Not Cover Everything. Depending on what your retail
"annual expenses" are, you will want to ensure you choose the
correct prescription Part D savings plan to fit your real
needs. You Can Save More Money!
Compare the Part D plans in an analytical manner and choose the Medicare Part D insurance that will save you the most money. Here is a Checklist of Questions to Ask Yourself: Coordination with your other benefits:Will the Medicare prescription drug plan work in accordance with my current drug coverage?
Could I lose my retiree or employer health benefits if I join a Part D plan?
Drugs Covered: Does the plan cover all my medications?
Does the plan cover the most important ones? (Question for your doctor)
If the plan does not cover a medication I take, does it cover one that will work for
me? (Questions for your doctor)
Does the plan require that I get special permission before it will cover a
medication I need (such as prior authorization)?
Cost: How much will I pay at the drugstore (copayments or coinsurance) for each drug I
need? (Some drugs may have higher coinsurance.)
If a drug I take has a very high coinsurance, is there a drug I can take that will cost
me less, such as a generic? (Question for your doctor)
How much will I pay in monthly premiums and annual deductibles?
Does the plan have a “coverage gap” or 'Donut Hole' during which I must pay my full drug costs?
Drugstore Network: Can I fill my prescriptions at the drugstore I use regularly?
Can I fill my prescriptions when I travel?
What happens if I go to drugstores that are not in the network?
Can I get prescriptions by mail order?
Plan Comparison: Double check
As a general rule, the closer that you get to the "doughnut hole" the more advantageous the Part D plan will be for you. If you go deep into the "doughnut hole" then you are literally throwing money out of the window. If you never get close to the "hole" then you are also throwing away money if you take a more expensive Medicare Part D insurance than you actually need. You'll see why your savings drop when some medications are not covered, or you are into the "Doughnut Hole" with Medicare Part D. If you are not happy with your Medicare supplement plan. |
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