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What does Medicare Advantage with Part D prescription drugs cost?
The premium cost of Medicare Advantage plans that include Part D prescription drug coverage (MAPD plans) can vary depending on the specific plan you choose. The premium cost of Medicare Advantage plans may also vary based on several factors, including whether you already have an employer-based creditable prescription drug plan or not. Here are some considerations regarding the cost of Medicare Advantage plans when you have existing employer-based coverage. Here are a few key factors to consider:
1. Premiums: Medicare Advantage plans may or may not have monthly premiums in addition to the typical Medicare Part B premium beneficiaries pay. The premiums for Medicare Advantage plans can vary depending on the specific plan, insurance company, and location. Some Medicare Advantage plans may have low or even zero premiums; others may have higher premiums.
2. Bundled coverage: Medicare Advantage plans with Part D coverage typically include both Part A hospitalization, Part B medical services, and Part D prescription drug coverage in a single plan. This bundled coverage can be convenient and may offer cost savings compared to having separate standalone Part D coverage with a Medicare Advantage plan without drug coverage.
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3. Coordination of benefits: When you have both an employer-based creditable prescription drug plan and a Medicare Advantage plan with prescription drug coverage, coordination of benefits comes into play. The coordination of benefits ensures that the combined coverage from both plans does not exceed the total cost of your medications. This coordination can help reduce out-of-pocket costs for prescription drugs.
4. Coverage and formularies: Medicare Advantage plans often have their own formularies (lists of covered medications), which may differ from your employer-based plan's formulary. If your current medications are covered by your employer-based plan and not included in a specific Medicare Advantage plan's formulary, you may need to consider a different Medicare Advantage plan that fits your needs.
5. Having an employer-based plan may or may not directly impact any premiums of the Medicare Advantage plan. The premium amount can vary depending on the specific plan and the private insurance company offering it. There may not be a premium for Part D prescription drug coverage.
6. Cost-sharing: Medicare Advantage plans with Part D coverage usually have cost-sharing requirements, such as copayments, coinsurance, and deductibles, for both medical services and prescription drugs. These cost-sharing amounts can vary depending on the plan and the specific medications you use.
7. It's essential to review the plan's formulary (list of covered drugs) and cost-sharing details to understand how it may affect your overall costs.
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8. Prescription drug coverage: Medicare Advantage plans with Part D coverage must have a formulary that lists the medications covered by the plan. It's important to ensure that the plan you choose covers the specific medications you need at a cost that is reasonable for you.
MedHelpCenter.us recommends that you call the Senior Health Insurance Agency at 813-592-8568 for further explanation.
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