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Finding the best 2020 Medicare Prescription Drug Plans or Medicare Part D plans is sometimes considered the most mysterious as well as challenging out of all the Medicare offerings. A PDP (prescription drug plan) is actually not compulsory as a component of the medicare insurance planning. But, can quickly become the focal point of most analysis and should always be considered as the first link in choosing the best plan and included affordability. Another area of consideration of Medicare health insurance is the Medicare part d donut hole it is a place to avoid or at least be aware of? We help by researching all the plans and their Medicare Part d coverage. Another consideration is unless you have credible drug coverage when you become eligible for a drug plan you will incur a penalty for not doing having credible coverage. For example in 2018, Medicare beneficiaries had a choice of 23 Medicare Part D stand-alone PDP’s and 17 MAPD (Medicare Advantage Plans w/Drug Coverage) in their area, on average. The penalty for the period of not having creditable coverage can be calculated at 1% per month of the average national base beneficiary premium. PDP premiums vary widely across plans in 2018. ($35.02 was the national base beneficiary premium for 2018). If you think you fit this or this could apply to you, there are exceptions, so please contact me at 606-224-2406.
In addition to that, each plan can have different premiums, deductibles, copays, and formularies. It is virtually impossible to determine the optimum plan for you without considering your medications and using a computer-based program. Medicare.gov has such a tool, the one we use was developed by the same company that provides the service on Medicare.gov we use both? We have quoting tools that include your medications to choose the best plan for you individually. Then there are special programs you may qualify for? Even the dreaded Medicare part D donut hole maybe avoided in some cases.
If you or your adviser do not look at your medications it could cost you dramatically in the long run. So, don’t shortcut yourself by not considering your medications.
There is other help available from Medicare to help people with limited income pay for their medications. You can apply for extra help HERE.
Medicare offers prescription drug coverage, known as “Medicare Part D”, for an additional charge to everyone with Medicare. If you don’t use a lot of prescription drugs now, you still may want to think about joining a Medicare drug plan to help protect against higher costs in the future. If you don’t join a Medicare drug plan when you’re first eligible for Medicare, and you don’t have creditable prescription drug coverage, you may have to pay a late enrollment penalty if you join later.You don’t have to pay a penalty if you have and keep creditable prescription drug coverage, or if you get Extra Help, a Medicare program that helps people with limited income and resources pay for their prescriptions.You’re probably wondering what we mean by “creditable prescription drug coverage. “Simply put, it’s drug coverage that’s expected to pay, on average, at least as much as Medicare’s standard prescription drug coverage. It could include drug coverage from a current or former employer or union, or TRICARE, the Indian Health Service, or the department of Veterans Affairs If you have creditable prescription drug coverage when you first become eligible for Medicare, generally you can keep it without paying the late enrollment penalty if you sign up for Medicare Part D later.
The late enrollment penalty is added to your monthly Medicare Part D premium and the amount depends on how long you went without creditable prescription drug coverage.Here’s how it’s calculated.We multiply 1% of something called the “national base beneficiary premium” times the number of full, uncovered months you were eligible but didn’t join a Medicare Prescription Drug Plan and that you didn’t have creditable prescription drug coverage.The final amount is rounded to the nearest ten cents and is added to your monthly premium.
There are at least 3 ways to avoid it. One, join a Medicare Prescription Drug Plan when you’re first eligible.Two, make sure you don’t go 63 days or more in a row without a Medicare drug plan or other creditable coverage, and three,tell your plan about any drug coverage you had if they ask you about it. If your plan thinks you went for some time without creditable drug coverage, you may have to pay a penalty.To learn more about the Medicare Part D late enrollment penalty, visit Medicare.gov.
The are also programs to help pay for your medications. You can see It takes quiet a bit of analysis and experience to find the best plan for you. We use all available resources and will educate you on how to find and why the program we select is best suited for you or you can use our planning tool to make this determination yourself. We can also do it for you, we just need a list of your medications.
Need Help Paying For Your Medications? There May Be Help For You!
Then there are state run programs for people who are unable to buy their medications or pay for healthcare based on income there is Medicare and Medicaid.
Medicaid is a joint federal and state program that:
Each state has different rules about eligibility and applying for Medicaid. Call your state Medicaid program to see if you qualify and learn how to apply.
Even if you have too much income to qualify, some states let you “spend down” to become eligible for Medicaid. The “spend down” process lets you subtract your medical expenses from your income to become eligible for Medicaid. In this case, you’re eligible for Medicaid because you’re considered “medically needy.”
To be eligible as “medically needy,” your measurable resources must also be under the resource amount allowed in your state. Call your state Medicaid program to see if you qualify and learn how to apply.
If you have Medicare and full Medicaid coverage, most of your health care costs are likely covered.
You can get your Medicare coverage through Original Medicare or a Medicare Advantage Plan (Part C). If you have Medicare and full Medicaid, you’ll get your Medicare Part D prescription drugs through Medicare. And, you’ll automatically qualify for Extra Help paying for your Medicare prescription drug coverage (Part D). Medicaid may still cover some drugs and other care that Medicare doesn’t cover.