Prescription Plans

Prescriptions are generally covered by health insurance plans for those under age 65, those on Medicaid, and those with a Medicare Advantage plan. There is some variation with this, so please check on your plan to know. 

You are not required to have a prescription plan if you have just Medicare, but if you choose not to buy one, you will have a penalty that is accumulating each month you do not. That will add up over time. This charge will be added to the cost of the plan if you ever do get precription coverage with any plan if you are enrolled in Medicare. The cost of the charge can add up to much more than people expect, so if you do not have any precriptions, it is smart to consider getting a cheap plan to avoid the future charges.

Most Medicare Advantage plans include prescription coverage. Not all do though, so please check to confirm if yours does. Also, please note that if you have an Advantage plan, you cannot buy separate prescription coverage or else you will be dropped from your Advantage plan. 

If you have Medicare or Medicare Supplement and a prescription plan, you do not need to change your prescription plan each year. However, it is wise to check your prescriptions or planned prescriptions for the year with your plan and all others through Medicare.gov. Prescription plan premiums and coverage frequently change, sometimes even every year. And the cost difference between having one plan or another can mean thousands of dollars for you. We are happy to help you check the cost of your options.

If you have Medicare Supplement, it does not include prescription coverage. You are not required to have precription coverage, however there is a penalty you will face in the event you ever do choose to buy a prescription plan. That penalty can add up fast. There is a small charge that gets accumulated for each month that you don't have a prescription plan once you enroll in Medicare. That total charge gets added to the monthly premium for each month in the event you do decide to purchase a prescription plan. Unfortunately, that charge continues the entire rest of the time you have a prescription plan.

Many people choose to purchase a prescription plan even if their drugs costs are low, not just as a precaution for unforseen expenses, but also to avoid the penalty.

If you already have a prescription plan, please note it is wise to check the total projected cost of all the plan options every year at Medicare.gov. Companies change coverage and premiums frequently. The plan that is best for you one year will not necessarily be best for you the next year. Checking this is relatively easy and fast, and can save you thousands of dollars. Please contact us if you need any assistance.