When it comes to Medicare Part D Supplemental Insurance, the rules can make it almost impossible to understand. Your pharmacist can be a big help where your insurance provider may not be, as their interest is in getting you to pay for the supplemental insurance.
It is possible to save a huge chunk of change on a Medicare drug plan, but that depends solely on how much the actual cost of your prescriptions is annually. Also, if your prescription needs are likely to change as you grow older, you may find that you end up paying more out-of-pocket expenses than anticipated.
Most Part D plans are quite affordable, running between $12 and $30 a month, but only if your prescriptions run less than $2,250 a year. Most people who have had prescription drug coverage for an extended period of time have no idea how much their prescriptions are actually worth, so get with your pharmacist to discuss what your costs would be if you had no insurance. You also might take this opportunity to talk about lower cost substitutes or generics that you can take instead, though a visit to your doctor will ultimately be required in order to change prescriptions. If you find that your "actual" prescription costs are above that $2,250 limit, then you may want to consider purchasing a more expensive Part D plan or a supplemental plan that you can have in addition to your existing Part D plan.
Here is the problem. Once your prescription costs run above $2,250, you are in what is termed the "Donut Hole". Your coverage with most Part D plans will end while you continue to pay the premiums, at least until the next "open season" and there is no more coverage until you reach the catastrophic limit which is $5,100. If you have chosen the wrong Part D plan you will end up paying 100% of your prescription bill over the $2,250 cap. That could be financially devastating and is what has forced many seniors to choose between food and medicine.
The coverages on Medicare Supplements are all standardized, but the rates are not. Your best bet is to shop around and your best ally will be your pharmacist who has knowledge of each of the prescription plans available and will be able to point out many of the pros and cons of specific plans. Most pharmacies have a consultation area and most pharmacists are more than happy to sit down with you, though it may be best if you make an appointment with him or her. As in most situations, "the only dumb question is the one that is not asked". Talking to your doctor is also an option, but many doctors are 'in bed' with the drug companies and will encourage you to use a specific drug when another, less expensive drug will do. Some doctors also just happen to have favorite drugs of choice and are not thrilled to have their expertise questioned. Your insurance agent, on the other hand, will not be happy if he or she thinks that you are shopping around for a more affordable policy. So, your pharmacist may be the most unbiased and yet the most informed when it comes to helping you to make a decision.
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