It’s a new year, and your 2020 prescription plan is now in effect. Are you enrolled in the right program? Will your preferred medication be covered under this year’s list of accepted drugs? As you’re getting ready to pay for assisted living, understanding the different costs of senior prescription plans can be overwhelming. Know the limitations of your prescription drug plans with these important considerations.
Comparing Prescription Plan Offerings
While a senior might be eligible for Medicare at age 65, prescription drugs aren’t covered within the original plan. If you’re an older adult who takes prescription drugs on a daily basis, it’s essential to enroll in a supplemental plan such as Medicare Part D or Medicare Advantage Plan to receive benefits. Pay attention to these cost factors as you review which prescription plan might be best for you.
- Drug List Coverage
- Changing Deductibles
- Differing Co-Pays
Drug List Coverage
Depending on which prescription drugs you’re required to take, one prescription plan might not be as suitable as another. According to experts, your plan premium isn’t the only factor to consider. In many cases, the cheapest plan could have the most restrictions on which prescriptions are covered. Some plans may also require preauthorization for certain medications, further restricting you from having coverage of the drugs you need.
In the insurance world, your deductible limit can change every calendar year. If you base your budget on a fixed income that is paid through retirement or social security checks, it can become costly overtime. An increase in the deductible amount could affect your ability to pay for other necessities, and unfortunately, there may not be much wiggle room. Be sure to check to see if your deductible increased at all this year.
Once you’ve reached your deductible, pay attention to what kind of co-pays to expect from your prescription plan. While some medications might be covered and be less than $100, others could reach into the thousands if they’re not covered by your plan. These out of pocket costs can vary depending on your prescription plan and the pharmacy you use. If your insurance plan covers your specific prescription, be sure to compare the different types of pharmacies in your area to find the lowest cost.
Pro Tip: Finding the right prescription plan can be confusing. Use the Medicare Drug Plan Finder to search the cost of prescription drugs in your area.
Helping Seniors Save Money
No matter what prescription plan you choose, it’s important to be aware of your healthcare options. Retirement is filled with many different financial decisions for seniors, and it can be frustrating to navigate the different costs. That being said, our caregivers are available around the clock to provide personalized care and assistance to each of our residents. While prescription plans might change, there is help available to manage your budget and stay informed for the future.
Have you reviewed your prescription plan coverage? Let us know which factor is most important to you!