I have Medicare a&b .What is the best insurance you can get to cover prescriptions?Does anyone know the costs?

Question

of the individual coverages?

Answer 1

The national average of all plans is around $24 per month and is the figure on which Medicare bases any penalties. In my state I have plans ranging from $9.80 to $99.50 per month. The lower premium plans usually will have a deductible and the higher premium plans usually cover some medications through the donut hole. I generally find that the extra premium you pay for the donut hole coverage is more than you save having the medication covered.

There is no one best plan. You'll need to check your prescriptions against the formulary of all plans in your area to find the best one for you, or find a local agent that can do it for you. Be aware that any particular medication can be in one of four tier levels or even not on the formulary of any plan. You can have a generic drug be on tier one with one company and have a $0 to $10 monthly co-pay and it could be tier three with another company with a $60 to $80 monthly co-pay. If it's not on their formulary it could cost well over $80 per month.

Most Medicare Advantage plans will have prescription coverage included, and many have a $0 premium.

Answer 2

The best is the plan that will cover Your prescriptions at the lowest cost possible. There is not a one fits all plan.

Also there are election periods to consider; unless you just became eligible for Medicare part A and part B and you are in the initial coverage election period (ICEP) or the initial election period (IEP) for part D, then you must have a special election period (SEP) apply in order to enroll in a prescription drug plan.

Otherwise, you are out of your annual election period (AEP) which runs from Nov 15 - Dec 31 each year. If you do not know a local broker who specializes in Medicare approved plans, the best thing to do is to call 1-800-MEDICARE and ask questions.

If you are eligible to enroll in a plan at this time then they can advise on a plan based upon your medications and enroll you over the phone. You can also go to www.medicare.gov and based upon your zipcode pull up the available plans and type in your meds and the program will give you several plans that will cover your meds to choose from.

Best wishes.