Wisconsin Medicare Prescription Drug Plans Copayment / Coinsurance
Prescription drugs are often a large part of overall health care expenses for seniors.
Since Original Medicare doesn't pay for prescription drugs, private insurance companies offer a number of Medicare Prescription Drug (also called Part D or PDP) plans with a wide range of benefits to help lower the costs of the medications you take.
Annual deductibles, copayments and coinsurance are three important aspects that determine how much you'll pay for your medications under a prescription drug plan.
A Deductible is the annual amount that you'll pay before the plan begins picking up the costs of your prescriptions.
Plans with higher deductibles will generally have lower premiums.
A Copayment is a pre-set amount that you'll pay for a certain drug after your annual deductible is met.
Plans often have lower copayments for the most common medications.
Coinsurance is a percentage you'll pay for other drugs for which there’s no copayment set.
Coinsurance is generally applied to less common or more expensive medications that are covered in a plan.
Depending on the Insurance Company that offers the prescription plan, your premium can vary widely.
It is most important to look at all factors on a prescription plan to make sure it is a viable solution for your particular needs.
- Some plans have no deductible, some a minimal deductible, while others have the Medicare set amount.
- Formulary; your drugs must be covered, check carefully. However, sometimes all of a person's drugs are not on any formulary, and there are certain drugs that Medicare does not allow. There are plans that cover a small number of the non-allowed drugs and they may have a slightly higher premium
- Does the plan require you to go to a preferred pharmacy? Going to the contracted plan pharmacies can also lower your cost.
- Most importantly, the tier that your drugs fall into on the plan will have the most impact on your out-of-pocket cost, generics the lowest and specialty drugs the highest.
Our Wisconsin Medicare Part D specialists can help you get the information you need to find the right plan for you.
Call us today for more information at 800-354-3548!
Medicare Supplement Insurance Plan Disclosures
Neither Future Financial Resource Group nor the Medicare Supplement insurance policies it sells are connected with or endorsed by the U.S. government or the federal Medicare program.
Plans may be available to persons eligible for Medicare by reason of disability.
All plans may not be available in your state/area.
Call to receive complete information including benefits, costs, eligibility, requirements, exclusions and limitations.
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