Prescription Coverage Archives • Ignite Insurance Group

Six Smart Ways to Lower Prescription Drug Costs

Ignite Insurance — Wed, 01 Jul 2020 15:04:33 +0000

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Six Smart Ways to Lower Prescription Drug Costs

Each year, toward the end of the third quarter, the ads show up in the mailbox of both potential and current Medicare beneficiaries. All with a similar message: get our prescription drug plan! Only about 13% of beneficiaries make a change to their current plan.

Reevaluating prescription drug coverage can feel tedious, but can also result in significant savings in the upcoming year. Some beneficiaries feel it is unnecessary coverage they do not need. Keep in mind, even without taking any medication, the coverage itself is there to be sure the beneficiary avoids penalties and has the coverage should something arise.

Others change plans yearly based on changes and what is available. This and save money or offer more flexibility, and even may cover more and new medications.

Take a look at these tips and consider the options available for the coming year.

Exercise Your Free Annual Physical

Every year, Medicare provides one free wellness exam. This is a perfect time to review medications with a health care provider and evaluate to see if other options may be suitable.

New medications may come out, potentially having lower risk or even lower cost. Come to the wellness exam with a list of your medications to evaluate.

If taking a more expensive medication, ask the prescribing physician if there are any samples available. A one-month supply of a medication could save hundreds of dollars and/or potentially keep someone out of the Coverage Gap, or “Donut Hole” longer.

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Switch to the OTC Version of the Medication

Some prescriptions may be approved for over the counter, or OTC, sale. Every year the FDA approves different drugs for OTC sales, and it can be worthwhile to find out if there is an OTC version of a prescription medication that the doctor approves to work similarly. Be sure to discuss this with your provider before making any changes to your medications or dosage.

Use a Mail-Order Service

Most Medicare beneficiaries who use a mail-order drug service, like the ease of getting drugs straight to their home, as well as receiving a bit of a discount on a larger supply of the drug.

An option for a mail-order pharmacy comes with most Part D plans. The mail-order option may offer lower copayments for prescriptions compared to a regular pharmacy. Generally a ninety day supply can be ordered through the mail, versus the thirty day supply usually available at a walk-in pharmacy. The prescription typically needs to be written for a year to be able to utilize 90-day pick up cycles.

It is important to plan ahead. Be sure to take into consideration how long it takes for a mail-order prescription to get to arrive and schedule them to come in time, with no lapse in your schedule.

Consider the Deductible

Some Part D prescriptions drug plans have a deductible, or dollar amount that must be met before the plan kicks in. Others may not but this will affect the cost. All factors should be taken into consideration before enrolling into a drug plan.

Work with your Medicare agent who can go through your medications with you and check pricing and plan options to help you find the plan that makes the most sense.

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Use a Preferred Pharmacy

Some Medicare plans have particular pharmacy networks that they prefer to work with. Be sure to check find out this information respective to your plan to help save as much as possible. Using certain pharmacies can affect the price for each drug so it may be beneficial to check with multiple pharmacies if a higher cost drug is prescribed. Also, be sure to utilize the list of generic medications offered by certain pharmacies, instead of going through your insurance carrier. Many pharmacists are aware of this. Plus, this tip alone can help anyone stay out of the Donut Hole longer and reduce drug costs overall. However, It might not help as much if only taking a few medications, but if there are a combination of more expensive medications, or have a higher amount of them, it can really add up.

Under the Affordable Care Act, the coverage gap has improved each year to reduce the cost of medications. With each passing year, discounts for prescription medication will be deeper, and eventually the gap will close entirely.

Lower Medicare Drug Plan Costs with Online Discount Companies

In the age of the internet, it can be easier to find prescription drug discounts than ever before. There are coupons for prescription medications in many places. It may be possible to find a lower price for many prescriptions with sites like GoodRX.com. It is always worth a quick look to do a price comparison.

When possible, purchasing any medications cheaply outside of a Part D prescription drug plan, works toward lowering the overall cost of your plan.

We check quotes from available carriers in your area

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The post Six Smart Ways to Lower Prescription Drug Costs appeared first on Ignite Insurance Group.

Getting Surgery While on Medicare

Ignite Insurance — Tue, 16 Jun 2020 14:15:44 +0000

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Getting Surgery While on Medicare

Learning how Medicare covers surgery can be important. The part of Medicare that will cover surgery is dependent on the type.

Medicare Part A vs Medicare Part B

Part A of Medicare covers inpatient hospital care, so if admitted as an inpatient, Part A will cover it, minus the deductible. ($1408 for 2020)

If it is an outpatient procedure, Part B covers those medical expenses incurred once the Part B deductible ($198 for 2020) has been met.

Part B of Medicare covers 80% of outpatient costs. That leaves you responsible for the Part B deductible and the additional 20% of the cost of the surgery. If a Medicare supplement insurance plan is in place, it will help cover these costs.

Medicare Supplement Coverage of Surgery

Surgery is covered as an outpatient benefit by Medicare Part B. A Medicare Supplement Insurance Plan typically covers both inpatient and outpatient procedures in full once deductibles have been met. A good way to remember what a Medicare Supplement Insurance plan will cover is to remember that if Medicare covers a portion of the procedure then the Medicare supplement plan covers the remaining portion.

“The Ignite Team has been a fantastic resource for my wife and me. We couldn't be happier with the assistance they were able to provide us."

- Roger D

"All my expectations were met, which is why I called them first. They are efficient, knowledgeable and made the whole process very easy. You can trust them with all your Medicare needs!"

-Rosemary H.

"If you're looking for an experienced brokerage who know the system inside and out, look no further. You'll be guided to your to perfect solution that is most beneficial to you!"

- Walt G

Medical Necessity is the Key

Medicare is designed to cover expenses that are considered reasonable or “medically necessary.” If receiving cosmetic and some elective surgeries, such as surgery related to routine foot care, then neither Medicare nor your Supplement will pay for it. The Medicare supplement insurance plan won't pay anything toward expenses that Original Medicare does not approve first. Therefore, if a bill is denied by Medicare, the supplement also will not pay. And it won't cover the 20% it would normally pay toward approved surgeries.

Does Medicare Cover Oral Surgery?

Sometimes. Most oral surgeries do not come under the purview of Medicare, except in instances of medical necessity. If, for example, it is for a broken jaw, Medicare will pick up the bill for repairing it.

Oral cancer is another example of a reason why Medicare would pay for oral surgery. If a doctor recommends oral surgery, Medicare may help cover the costs of surgical treatments for cancer. Your doctor will usually be able to confirm what Medicare will or will not cover, so it makes sense to get these questions answered prior to any procedure. Do not be afraid to ask for estimates!

Does Medicare Cover Open-Heart Surgery?

Heart surgery usually requires a hospital stay, so it is covered by Medicare Part A and certainly would be considered “medically necessary.”

Does Medicare Cover Cataract Surgery?

Medicare Part B covers cataract surgery, and it will also pay for a pair of eyeglasses or contacts in full, following the cataract surgery.

Will Medicare Cover ALL Surgery?

Contact a qualified Medicare agent if it looks like there may be a surgery coming up. We can help you determine whether the surgery will be covered under your plan and, if so, which party will be financially responsible.

Generally the answer is yes, most surgeries will be covered between Medicare and a Medicare Supplement insurance plan. It's just a question of medical necessity and using the right part to pay.

Ignite Insurance Group

855-600-0137

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The post Getting Surgery While on Medicare appeared first on Ignite Insurance Group.

Prescription Coverage Archives • Ignite Insurance Group

Six Smart Ways to Lower Prescription Drug Costs

Six Smart Ways to Lower Prescription Drug Costs

Exercise Your Free Annual Physical

Switch to the OTC Version of the Medication

Use a Mail-Order Service

Consider the Deductible

Reviews

Articles for You

Subscribe to our Monthly Newsletter

From Ignite Insurance Group

Use a Preferred Pharmacy

Lower Medicare Drug Plan Costs with Online Discount Companies

We check quotes from available carriers in your area

Ignite Insurance Group

Dental Insurance Plans

Connect With Us:

Getting Surgery While on Medicare

Getting Surgery While on Medicare

Medicare Part A vs Medicare Part B

Medicare Supplement Coverage of Surgery

Medical Necessity is the Key

Will Medicare Cover ALL Surgery?

Ignite Insurance Group

Dental Insurance Plans

Connect With Us: