This is a complex subject to understand and discuss because there Is no perfect solution for the cost of Medications.
Nevertheless, having a drug plan with Medicare can most frequently save you money. Realizing there are over 20,000 FDA-approved Prescription drug products might help most people recognize the complexity of a solution and value having a drug plan.
I want to start the discussion with a Medicare Recipient having an Advantage plan, usually an HMO plan. This Advantage type of plan includes the Prescription drug plan identified as Part D. Medicare recipients are attracted to this type of Medical plan frequently because of the included free Part D plan. So if you chose a Blue Cross advantage plan, you would have an included Blue Cross drug plan. If you have a Cigna advantage plan, you will have an included Cigna drug plan. The above format is also valid for other advantage plans like United Health, Humana, and Aetna.
Remember, there are many considerations for Medicare and Part D Prescription Drug plans. Generally, I think people choose an Advantage plan because their doctors are in the network, and the included free drug plan is just a bargain. The issue here is that you must go with their specific drug plan, and this advantage drug plan may not be the most cost-effective for you.
The good news is that during open enrollment from October 15th to December 7th, the Medicare recipients can change to another advantage plan with a different drug plan. The Medicare Recipient can also switch to a Supplement plan and choose from about 25 stand-alone drug plans. I will discuss this in the next blog.
Think about the tv advertisements you most frequently see where the emphasis is on an included free Part D plan. Many people assume that this Part D drug plan will work for them, not realizing that this Drug plan is costing them money.
My next blog will continue the part D discussion.