Outline of Medicare Prescription Drug Plans

If you are receiving Medicare health insurance and aren’t in need of prescription medications yet the time will probably come in the future when you will find yourself in need of some prescription that could well cost hundreds of dollars per month. Until recently, receiving coverage for prescription medications was simply impossible, which didn’t bode well for the overall health of American society, but changes in Federal law have opened up the opportunity to sign up for assistance with prescription medical costs through various local plans that can either significantly discount the price of some medications or pay for them outright. Medicare offers standalone plans as well as Medicare Advantage, which is meant to work in conjunction with private insurance.

Medicare Prescription Plan Basics

Medicare prescription drug plans are a national solution set up to assist with local vendors and health plans in various ways. There is no single plan or arrangement of benefits that exists nationwide, rather prescription Medicare plans are contracted to local health insurance companies and/or local pharmacists in your area to provide you with discounts on certain categories of medicine, some to a flat rate ($4.00 prescriptions), and others at a percentage (such as 25% coverage).
A typical Medicare Advantage plan will work with a local or national medical insurance company that you probably know well. Some of the national providers include:

  • AARP
  • Health Net
  • Blue Cross/Blue Shield
  • Cigna Healthcare
  • United Health

How Do I Find Out What Plans Are in My Area?

One of the easiest and best ways to find out what coverage exist in your area is to speak to your local, favorite pharmacist and ask if they have any plans set up to work with Medicare Prescription Drug Plans (PDPs). If they do, you will be able to kill two birds with one stone in knowing that your pharmacy will be able to continue providing service to you, and secondly, they will be able to provide you with the proper forms and information for the plan that they are on so you can be sure of getting the right one.

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