Medicare recipients have experienced Medicare Part d drug benefits for 5 years now. It‘s hard to imagine that in the past there was no pharmaceutical benefits. In the past 5 years a handful trends have began to appear that could provoke Medicare recipients to evaluate their future Medicare part D selections a lot more thoroughly.
Firstly, pricey name brand medication are slowly but surely vanishing from Prescription Drug Plan and Medicare Advantage Plan formularies. Prescription Drug Plans or (PDP’s) are standalone prescription drug plans that may be taken coupled with original Medicare health insurance. Some Medicare recipients often select Medicare insurance supplements to fulfill gaps of original Medicare. But nevertheless, there isn’t such gap fulfillment on the topic of Medicare Part D Drug insurance plans. Medicare recipients simply cannot obtain an insurance policy to cover all co-pays or cost sharing gaps while in the Part D coverage. Medicare recipients will have to rely on doing their own due diligence and prepare by themselves with details to make the best possible resolutions.
Secondly, the migration of high price generic prescription drugs to tier 2 status from tier one has increased within the last year or so. Prescription drug plans and Medicare advantage prescription drug plans involve four tier levels.
Tier one medications are generic drugs. Theses co-pays are likely to be less than $10 per script / per 30- day supply. Tier two medicines are brand name drugs. These prescription drugs tend to be the fairly well known brand meds including Lipitor. Tier two co-pays are normally under $60 dollars per script / per 30- day supply. The situation isn’t going to seem rational to pay this high price for generic meds. In spite of this, this particular movement is actually picking up steam as insurance carriers transfer further cost to the buyer.
Tier 3 and four drugs appear to have already been impacted by higher co-pays along with increased cost sharing. Consistently more cost shifted to the Medicare recipients.
Thirdly, considerably more Medicare recipients are moving to Medicare Advantage plans to seek more benefit and offset the effects of the country’s economy. Medicare Advantage plans are Medicare health insurance plans administered by private insurance companies and approved by Medicare (CMS). These kinds of plans are popular with Medicare recipients simply because they normally provide more benefits than original Medicare. One other huge plus is that the majority of Medicare Advantage plans include things like Part D drug insurance at absolutely no additional cost.
The fourth trend is the rising expense of Medicare Part D monthly premiums. Medicare recipients should brace themselves in 2011 as monthly cost could run between $50 to $80 per month. There will part D drug plans offering reduced monthly premiums in exchange for higher co-pays and a deprive down formularies.
A response is to these disheartening trends is to help Medicare recipients to evaluate, investigate, as well as gather knowledge as speedily as feasible to help in this selection process.
Author: Blake Ryan likes to write articles about Medicare advantage plans and how they effect Medicare recipients.