The Federal government’s Medicare Supplement Plan see here for the elderly, otherwise known as Part D, was created by former President George W. Bush. It is mandatory for every American man or woman over the age of 65 to be covered by one of these insurance plans. The idea behind Part D is to lower the cost of prescription medications. This plan is intended to expand coverage to cover more of the previously uninsured. There are five different Medicare supplement plans in Virginia.
Health Maintenance Organizations or HMOs are usually selected as a Medicare supplement plan, because they cover a wide range of health-related services and medications. They are usually less expensive than most Medicare options. A typical HMO plan will cover the costs of your medications, certain medical devices and hospital stay benefits. HMO’s usually also have negotiated drug co-payments and have extended access to prescription drug plans.
Preferred Provider Organizations or PPOs are another type of Medicare supplement plan. They are similar to HMO’s but their primary focus is managed care. A typical PPO plan will cover the costs of your medications as well as some of the doctor visits. Although most PPO plans do not cover the same level of prescription drug coverage as other plans, most have negotiated drug co-payments and extended access to prescription drug plans. Although PPO plans usually cover more of the costs of your medications, they are more expensive than most other options.
Medicare Part D is the final type of Medicare supplement plans available to individuals who are covered under the original Medicare program. It is intended to help ensure that additional health issues are covered throughout the course of one’s life. Part D requires that all individuals who are eligible for Medicare have at least one monthly drug payment made directly to a participating pharmacy. Although Medicare Part D does not pay for prescriptions of drugs that are already being purchased by a family member or a Medicare Advantage Prescription, it does require that certain generics are sold in pharmacies that participate in the Medicare program. Medicare Part D is effective for most people beginning in February 2021. There are not any Part D insurance providers at this time.
Medicare Supplement Plans is just one part of the complete coverage provided by Medicare. It is also important to understand that Medicare does not provide a “free lunch” when it comes to coverage of additional health concerns. While Medicare supplement plans may help reduce the expenses related to Medicare, they are not a “get out of pocket” deal. It is still necessary to purchase the specific drugs that you need through pharmacy unless you choose to pay out-of-pocket for your medications. In addition, in order to receive the Medicare supplement plans benefits, it is necessary to meet the overall guidelines and requirements set forth by the Medicare rules and regulations. Some of the Medicare supplement plans that are offered by different providers are designed to be used in conjunction with Medicare Parts A and B, while others are designed to be used on their own.
There are two other types of Medicare supplement plans that are available to senior citizens – Part D and Part C. Part D pays the costs for covered part of your prescriptions, including copays, and Part C provides financing for your prescriptions. Both of these plans offer opportunities for individuals to avoid paying any out-of-pocket costs for their medications. The Medicare rules and regulations do not allow you to select a supplemental plan that would have you paying more for your medications than what you actually do.