Understanding How Private Insurance Works With Medicare Drug Coverage
Medicare prescription drug coverage, known as Medicare Part D
, covers both brand-name and generic prescription drugs. Anyone with Medicare insurance is eligible for this coverage, regardless of income and resources, health status or current prescription expenses.Seniors who reach the age of 65 can sign up for Medicare Part D when they enroll in traditional Medicare, says Alan Weinstock, insurance broker with http://www.MedicareSupplementPlans.com. However, the type of Medicare prescription drug coverage you receive all depends on the health care coverage you choose.
Medicare Prescription Drug Coverage
There are two ways to get Medicare prescription drug coverage. You can join a Medicare prescription drug plan or you can join a Medicare Advantage Plan or other Medicare Health Plan that offers drug coverage.
As with any insurance plan, you will likely pay a monthly premium and a monthly deductible. You will probably also pay a copayment for each purchase. The cost of each of these components will depend on the drug plan you select.
Whether or not you have a need for regular prescription medication, most experts recommend that Medicare beneficiaries sign up for Medicare prescription drug coverage when they have the opportunity. It provides protection for unexpected drug expenses.
Private Insurance and Medicare Prescription Drug Coverage
Medicare isnt the only prescription drug coverage Medicare beneficiaries might have, suggests Weinstock. If they have another source of drug coverage, they may stay in that plan and choose not to enroll in the Medicare drug plan as long as it is at least as good as the Medicare drug benefit. Thats what is known as creditable coverage.
How the other insurance coverage you have works with, or is affected by, Medicare prescription drug coverage (Part D) depends on the coverage you have.
For those with employer or union health coverage, your employer or union should notify you each year whether or not your drug coverage is creditable. You can always check with your benefits administrator.
If you have COBRA, which provides workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for a limited period of time under certain circumstances, you may want to consider taking Medicare Part B instead of COBRA.
However, if you take COBRA and it includes creditable prescription drug coverage, you will have a special enrollment period to join a Medicare drug plan without paying a penalty when the COBRA coverage ends.
Finally, some Medicare beneficiaries may have Medicare supplement insurance with prescription drug coverage. While Medigap policies are no longer sold with prescription drug coverage, if you currently have coverage under your Medigap policy, you can keep it.
If you join a Medicare drug plan, your Medigap insurance company must remove the prescription drug coverage under your Medigap policy and adjust your premiums. For more information about Medicare supplement insurance policies youll want to speak to a reliable insurance broker like the people at http://www.MedicareSupplementPlans.com.
Understanding your health care coverage is important. It means taking the time to do a little research and asking questions so you know how your private insurance plan works with Medicare prescription drug coverage.
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