Prescription medications can improve quality of life, treat illness and disease, assist in rehabilitation and prevent the onset of certain medical conditions. Through the use of prescription medications, patients may avoid more serious or invasive treatments. Unfortunately, some prescription drugs available can come with high costs to patients. The cost of medications can be attributed to a number of factors, but most commonly, it comes down to the availability of specific drugs, how much money was spent researching these drugs and whether or not these drugs are available as generic medications.
Does Medicare Help Pay for Prescription Medications?
Original Medicare Part A and Part B do not include prescription drug coverage. In order to get help paying for prescription medications, you will need to enroll in Medicare Part D. If you have Original Medicare, you can enroll in a stand-alone Part D Prescription Drug Plan (PDP).
You also have the option of enrolling in a Medicare Advantage plan that includes prescription drug coverage(MA-PD). Each PDP and MA-PD may have its own formulary, or list of covered drugs, and costs can vary from plan to plan. You may be able to receive an exemption for certain medications that are not listed in a plan’s formulary, but you would need to work with your physician to appeal.
Does Medigap Plan G Cover Prescriptions?
While Original Medicare coverage under Part A, Part B and Part D is sufficient for most recipients, some people seek out supplemental insurance coverage through Medigap Plan G to help reduce their out-of-pocket costs for certain medical expenses. Medigap Plan G offers coverage for certain expenses that are not covered, including copayments, coinsurance, and hospital deductibles.
When you enroll in Medigap Plan G coverage, you pay an annual deductible, and your plan provides coverage for any gaps in Medicare coverage for expenses that would normally require additional payment on your part, including deductible and copay amounts for hospital stays and skilled nursing facilities. Unfortunately, Medigap plans, including Plan G, do not cover the cost of prescription medications.