As you arrive to your retirement you may find yourself surrounded by mountain of drug prescriptions that you need to constantly fulfill. Before drug prescriptions become a burden to your new life, you need to know your available options for covering this necessary area. Medicare offers two major options for prescription coverage: a Medicare Part D insurance plan and a prescription plan through a Medicare Advantage Plan.
The Medicare Part D insurance plan is government funded and offers you the option of adding prescription coverage to your original Medicare plan, such as a Medicare Part B insurance plan. Some Medicare Cost Plans and Private Fee-for-Service plans also accept Part D coverage as do Medicare Medical Savings Account Plans. Since it’s government funded, there is a limit to what Medicare Part D can cover, for which you may want to choose a prescription plan through your Medicare Advantage Plan.
With a privately funded Medicare Advantage Plan you can sign up for prescription drug coverage. The costs and plans vary depending on coverage. For instance Blue Cross Insurance plans include six different prescriptions plans that together with the Medicare Advantage Plan come up to a $0 to $235 monthly payment.
Both government a Medicare Part D insurance plan and prescription benefits through a Medicare Advantage Plan are useful ways to get coverage. Keep in mind that you can only choose one. To decide which option best fits your needs you may want to talk to your Medicare insurance agent for better planning.