What is Prescription drug coverage?
Prescription drug coverage is also known as Medicare Part D. Medicare prescription drug coverage is a somewhat complicated aspect of Medicare. The simplest explanation is that prescription drug coverage is a team effort between you and the plan. The plan pays a portion, and you spend the other part in most cases. Now, finding the right program for you can seem overwhelming and complicated. There is actually a very simple way to search for prescription drug coverage using Medicare. Using the Method Mike does, you can narrow down a prescription drug plan specifically to your individual prescriptions. After doing so, you can find out the monthly premium, the co-pays, the deductible if there is one, and what you’re overall estimated expenses are for the coming year. The reason Mike uses this method is Medicare subsidizes a significant portion of your prescription drug plan premium, so every plan that is available to you is brokered through original Medicare. This is the best way to purchase a prescription drug plan, straight through Medicare as you will be sure you’re getting the best plan based on your prescriptions. Mike helps all of his clients with Prescription drug coverage; it’s just too complicated not too.
My Agent sold me a Medicare Supplement plan but won’t help me with my Prescription coverage, why?
- Prescription drug pays very little, and in a lot of cases no commission. So, most agents aren’t willing to help their clients with it when there is no money in it for them.
- Also, on the off chance an agent has jumped through all the hoops to represent a few prescription drug plans (even though there’s close to 40 of them) there are very strict rules they must follow, like only showing you those specific plans and when it comes down to it, they’re only going to make a couple dollar commission anyway.
- It’s best to find an independent agent who will not only help you with your Medicare supplement but will also take the time to teach you how to use Medicare to shop for the best prescription drug plan.