Prescription drugs can be expensive, while the affordable ones are not always accessible. That is why getting a Prescription Drug Plan on top of your Medicare is essential. To have peace of mind and help you save money, getting a prescription drug plan (PDP) is always the best option.
What Is A Prescription Drug Plan (PDP)?
Learn More About Prescription Drug Plan With Korthase Insurance
Prescription Drug Plan is an option you can get on top of your original Medicare benefits. You can only get this plan if you’re already enrolled in Medicare Part A and/or Part B. You can also enroll if you live in the service area of a Medicare plan that includes prescription drug coverage.
Each plan can cover different prescriptions based on the list of covered drugs, called a formulary. The formularies contain specific generic and brand-name prescription drugs covered. For each formulary, drugs are divided into tiers, which will determine the amount you will co-pay for each drug. Commonly, a drug in a lower tier will cost you less than a drug in a higher tier.
The drugs coverage vary for each insurance company and other private companies approved by Medicare.
When availing the plan, you will have to pay for a monthly premium. You will also need to pay a yearly deductible or the amount you must pay before your Medicare plan begins to cover costs.
You will also need to pay copayments and coinsurance. A copayment is a fixed cost per covered medication, whereas a coinsurance is usually a percentage. Coverage gap, or “donut hole” on the other hand is the temporary increase in your deductibles.
To find the best plan suited for your medication needs, Korthase Insurance offers reliable prescription drug plans in Hilton Head Island, South Carolina. Let our experienced professional find the right Prescription Drug Plans.