Prescription Drug Coverage and Health Insurance
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Prescription drug coverage is an important, but often neglected, aspect of any health insurance package. The costs of prescription drugs can be very high, and with out a policy that will help curb the costs of necessary prescription drugs you may need if you fall ill.
Importance of Prescription Drug Coverage in Your Health Plan
There is one main reason that everyone should have prescription drug coverage in their health insurance plans: affordability. Costs for many prescription drugs are quite high, and even if you are healthy now, you never know what is going to happen in the future. As people age, they tend to need more medication in order to remain functional and healthy. The best way to get a good rate and good coverage on any health insurance product is to apply while you are young and healthy. The money you spend on your health plan now can help you out greatly in the future.
Of course, you can reap the benefits of your prescription drug coverage now as well. Sexually active women may find prescription drug coverage especially helpful because it can help curb the costs of birth control pills.
Choosing a Prescription Drug Coverage Plan
The first decision you have to make regarding your prescription drug coverage plan is this: do I want the plan included in my comprehensive health care plan, or do I want to cover my prescription needs with a prescription drug add-on? Whichever approach you decide on, be sure that you know the following about your coverage:
- Does your plan covers name brand drugs, generic, or both?
- Do you have a deductible or are is it a co-pay system?
- Will your plan cover medications that you already take?
Medicare† Prescription Drug Coverage
Medicare Prescription Drug Coverage is a new health insurance product that is available to Medicare beneficiaries. As the product's title suggests, it offers coverage for prescription drug needs that a beneficiary may have.
Who is eligible for Medicare Prescription Drug Coverage?
- Anyone with Medicare is eligible to apply for the Prescription Drug Coverage Plan.
How does Medicare Prescription Drug Coverage work?
- The Medicare Prescription Drug Coverage plans can be tweaked according to your eligibility and needs. Most are deductible plans that require a co-payment once the deductible is reached. You can choose a higher or lower deductible, depending on your financial situation and health needs.
- Some programs offer additional drug coverage in exchange for a higher deductible and monthly premium. If you fit in a low economic bracket, you may not have to pay any premiums or deductibles at all.
- Medicare Prescription Drug Coverage covers generic and name brand drugs.
Prescription drug coverage is a necessity for many. To learn more about the prescription drug plan options and find the one best suited for your needs, ask for a health insurance quote. Speak with a licensed agent who can help you find the coverage plan that fits you!
†Individual-Health-Plans.com is not associated with Medicare or the Center for Medicare and Medicaid Services. The Center for Medicare and Medicaid Services has neither reviewed nor endorses this information. This is not a complete listing of plans available in your service area. For a complete listing please contact 1-800-MEDICARE or consult www.medicare.gov.
A Medicare Advantage plan is a health plan provided through a private insurer and delivering Medicare Part A and Part B benefits. A Part D Drug plan is a prescription drug plan provided through a private insurer and delivering Medicare Part D benefits. A Medicare Supplement plan is a health insurance plan provided by a private company that fills in the “gaps” in original Medicare coverage. The sales agent that will be discussing plan options with you is either employed or contracted by an agency that sells Medicare plans, a Medicare health plan, or a Medicare prescription drug plan that is not the Federal government. Submitting our form does NOT affect your current enrollment, nor will it enroll you in a Medicare Advantage plan, Medicare Prescription Drug plan, Medicare Supplement plan or other Medicare plans.