Finding Prescription Drug Coverage

If you have turned or are turning age 65, this is the time to examine the types of health insurance that is availabe to them and determine what is the best for their situation.

One of the major and longest available insurance is the original Medicare. Medicare helps pay if you have to go to the hospital or the doctor. It costs about $95 per month and the permiums are taken out of a person’s Social Security checks on a monthly basis.

In addition to basic Social Security, a senior can purchase a prescription drug plan. These pans are regulated by Medicare, but they are sold by private insurance companies. In many states there are anywhere from 20 to 45 different suppemental plans to choose from, which can be quite a daunting and confusing task.

The Medicare Advantage, Medigap plans can help pay for changes that would otherwise have to be paid for out of a person’s own pocket. There are over 10 Medigap plans through private insurers. They each cover various things and most cover different things. It is important to copare them all to see which covers what you need. It is also very iportnt that you research the thoroughly.

Medicare Advantage pans are not part of Medicare. They are offered by individual insurance companies. The Medicare Advntage plans can be very convenient and many seniors are drawn to them because they can pay one price price for everything they need.

More and more seniors are leaning toward Medicare Advantage pan, however it is important for them to look at all the plans offered through ALL the companies. The reason for that is that all of the plans offer the same coverage. For instance, if you purchase a particular plan, let’s say, Plan Z (there is no plan Z, we are just using the letter for example), plan Z will have the same coverage no matter what company you purchase it from, the coverage is the same. The problem is that, though the coverage is the same, the various companies will charge different prices, some charging 2 to 3 times what others charge for the exact same coverage. It is essential that you compare not only coverage, but the companies offering the coverage and the premiums they are charging.

This is the critical time to do your research. Right now it is open enrollment time for Medicare until the end of the year. This is the time to be able to make choices and changes for your Medicare and Medigap or Medicare Supplement coverage.

If you need help answering questions or choosing plans, you can contact Medicare at www.medicare.gov or www.cms.gov. You can also order the booklet “Medicare and You” at those websites. This booklet will help answer questions and help you make decisions regarding your Medicare coverage for next year.