Mediap, also known as Medicare Supplement, plans can help pay for things that Original Medicare does not, including deductibles, copayments, coinsurance, and more. Medigap is sold by private insurance companies that offer standardized plans identified by letters. The Medigap plans offer different benefits that may appeal to Medicare beneficiaries with Original Medicare Part A and Part B. Unfortunately, Medigap plans do not include prescription drug coverage, but if you have Original Medicare, you have options.
Medications can be expensive, especially if you have a chronic condition that requires consistent use of medications. If you have Original Medicare, you can choose to enroll in a stand-along Prescription Drug Plan (PDP) that will help lower your out-of-pocket expenses for medications prescribed by your doctor. PDPs are sold by private insurance companies, and they can differ greatly in benefits and costs. Each PDP has its own formulary, or list of drugs that are covered by the plan. The list usually includes brand name and generic drugs, and many plans give you the option to purchase your medications from a pharmacy within the plan’s network or through a mail order service.
Each Prescription Drug Plan will have tiers of pricing for its covered drugs, so if you currently take medications and are comparing plans, check the prices. Costs can vary from plan to plan even in the same area.
If you are new to Medicare and considering your options, you can also choose to enroll in a Medicare Advantage plan. Medicare Advantage (Medicare Part C) is an alternative to Original Medicare. MA plans are required to provide at least the same Part A and Part B coverage as Original Medicare but many offer additional coverage at little to no extra cost. Many MA plans include prescription drug coverage, but each plan will have its own formulary and tiers of pricing, so compare your options thoroughly before enrolling.