Medicare Prescription Prices on the Rise

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The benefit of having an insurance drug plan is that you generally pay less for prescription drugs. Important news to Medicare beneficiaries given that a report just released by AARP indicates that brand-name drugs widely used by Medicare beneficiaries have increase by 9.7 percent during the last 12-month period ending March 2010. This is the largest increase since 2002 according to AARP officials.

However, the report also found that general inflation was roughly flat and that generic drug prices commonly used by beneficiaries dropped by 9.7 percent during the study period.

Prescription medication has never been inexpensive. And that is in large part why Medicare Part D, the prescription drug plan, was enacted in 2006 – to help defray the cost of prescription medications for seniors.

Understanding What Medicare Part D Offers

“Prescription drug plans come in two forms,” says Alan Weinstock an insurance broker at www.MedicareSupplementPlans.com. “Beneficiaries can join a Prescription Drug Plan for drug coverage only or they can join a Medicare Advantage plan that covers both medical services and prescription drugs.”

The Medicare Prescription Drug Plan (referred to as PDP) may be added to Original Medicare, certain Medicare Cost Plans, to some Medicare Private Fee-for-Service Plans and to Medicare Medical Savings Account Plans.

Or Medicare beneficiaries can obtain Medicare prescription drug coverage as part of a Medicare Advantage Plan (like an HMO or PPO). Medicare Advantage Plans provide Medicare Part A, Part B and Part D.

Deciding on the best prescription drug plan for you will generally depend on three things: cost, coverage and convenience. You can choose a plan based on the premiums, deductibles and the cost of your drugs. Or you can choose a plan based on which drugs are covered and the rules on how to access those medications (like prior authorization). Finally, you might want to choose a plan based on which pharmacies are part of the plan or whether there is a mail order option.

“What seniors need to keep in mind is that there are a wide number of sources that can answer questions and provide information on Medicare and Medicare Part D as well as Medigap insurance,” suggests Weinstock. And http://www.MedicareSupplementPlans.com is a great source for information on Medicare supplement insurance plans.

Where Seniors Can Get Help with Prescription Costs

In the meantime, seniors who need assistance with the cost of their prescription drugs or to find the right plan for them have several tools available.

First, the U.S. Government Medicare website offers basic information about Medicare Part D, Medicare Prescription Drug Plan Finder, Formulary Drug Finder and more. Medicare also offers the Extra Help or low-income subsidy (LIS) program for seniors who are enrolled in a prescription drug plan and have a low annual income and low resources.

In addition, BenefitsCheckUp offers help in determining if Medicare beneficiaries are eligible for over 240 prescription drug savings programs which cover nearly 800 medications.

Finally, you may want to check out the Partnership for Prescription Assistance. This program helps patients who qualify and don’t have prescription drug coverage to get the medications they need for free or at a much reduced rate.

Article Source: http://depositarticles.com/

Nancy Emma is the author to this article. She is dedicated to provide information to her clients regarding Medicare supplement plan .

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