Comparing Medicare Prescription Drug Plans

How to Compare Medicare Prescription Drug Plans

Mr. Todd Martin had a quite a few problems to address. He intended to have a Medicare prescription drug plan in addition to the original Medicare. To decide which prescription drug plan available is most suitable required Mr. Martin to make a thorough comparison, to compare the various plans. But Todd did not know exactly how to go through the process of comparing the plans offered by the numerous insurers in the market.

What is a Medicare prescription drug plan? Medicare offers prescription drug coverage for everyone who is covered by standard Medicare. This coverage, called Part D will help the Medicare recipient lower prescription drug costs. A client has to compare and choose a Medicare prescription drug plan to get the coverage that is most suitable and the client has to pay a monthly premium.

There are two ways to do this. The first option for the Medicare recipient is to join a stand-alone Medicare prescription drug plan that is in addition the original Medicare. This Medicare prescription drug plan is offered with Medicare private fee for service plans and Medicare cost sharing plans. These plans generally cost between $20 and $70 per month.

The second option for a Medicare recipient is to join a Medicare HMO or Advantage plan that includes a prescription drugs. With a Medicare HMO Advantage plan the recipient can receive complete medical coverage including prescription drugs.

Multiple Medicare prescription drug plans are available in the market. It certainly is wise to compare the various options. The costs for Medicare prescription vary depending on whether the Medicare recipient receives assistance in paying the part D costs from the government. Costs of Medicare prescription drug plans will also depend on the type of plan the Medicare recipient chooses. Medicare Advantage plans / HMO plans are also available without a monthly premium, deductible or coverage gaps.

If you have low income, you may get assistance to pay for the Medicare Part D prescription drug plan cost from the government. However, all Medicare prescription drug plans adhere to certain minimum specified standards such as: -

Those who are enrolled for the first time in 2006 will pay a monthly premium depending upon the plan selected. The first $250 per year for your prescriptions will be the deductible. Here is an example of a basic prescription plan.

After paying the first $250, you pay only 25% of costs for next $2000 worth of drugs under the Medicare prescription drug plan. The balance of the cost is paid by the part D company.

You pay the first $2,850 of your drug costs and thereafter only 10% of the cost incurred.

Under a high deductible plan you pay the first $3,600 out of pocket and then the plan will pay 5% of the additional drug costs.

We are experts in the field of Medigap supplemental insurance. For enrollment and to compare the Medicare prescription drug plan you may contact us via email, or call us to receive assistance to enroll with your desired plan. There are certain open enrollment windows every year that give the Medicare recipient the right to change plans only under certain circumstances. The guiding principles to choose and to compare the Medicare prescription drug plan should be: -

Ease of enrollment and opportunity to change the plan benefits when needed.

A plan that offers maximum Medicare benefits compared to cost.

A plan that provides protection against exorbitant prescription drug expenses.

Compare insurance policies and you will be certain to be getting a good value. Our plans are most client-friendly and you will be protecting yourself from unexpected prescription drug expenses by first comparing the various Medigap prescription drug plans in the market.

That is not all. There are many more advantages to obtain when compare Medicare Supplement Insurance plans and only afterwards enroll. For further details, we invite you to visit our home page and compare the various plans available on the market. We wish you success in making a smart decision for yourself when you compare and choose the correct Medicare prescription drug plan.

If you are over 65 years old, have End Stage Renal Disease, or physical disability, you will find valuable information on how to find and get coverage with a Medicare prescription drug plan on this web site. The information will help you understand the various options available to meet your unique needs for prescriptions. The prescription drug program information on this web site is our service to you and we hope that you will avail us for additional information when you need an insurance service..

We know this industry and our knowledge will help you make a good decision. To compare the affordable Medigap prescription drug plans and cost sharing options that we are knowledgeable of will be of great benefit to you. There are many options available in this market and you should select the particular Medicare coverage that is correct for you. This may seem confusing and complicated but we are here to help you.

Medicare Advantage Plan
Monthly Payments (Average)
Number Of MA Contracts
Advantage Plan Penetration
United States $734 United States 428 United States 17.5%
Alabama $692 Alabama 41 Alabama 15.2%
Alaska NA Alaska 39 Alaska 0.5%
Arizona $651 Arizona 50 Arizona 30.1%
Arkansas $640 Arkansas 39 Arkansas 8.23%
California $652 California 52 California 30.7%
Colorado $649 Colorado 37 Colorado 28.2%
Connecticut $681 Connecticut 40 Connecticut 9.1%
Delaware $658 Delaware 37 Delaware 2.23%
District of columbia $776 District of columbia 41 District of columbia 8.12%
Florida $840 Florida 74 Florida 23.1%
Georgia $680 Georgia 49 Georgia 8.1%
Hawaii $639 Hawaii 41 Hawaii 34.4%
Idaho $647 Idaho 40 Idaho 18.2%
Illinois $680 Illinois 56 Illinois 7.22%
Indiana $641 Indiana 45 Indiana 9.5%
Iowa $618 Iowa 42 Iowa 11.8%
Kansas $675 Kansas 44 Kansas 6.2%
Kentucky $653 Kentucky 45 Kentucky 8.4%
Louisiana $855 Louisiana 42 Louisiana 16.1%
Maine NA Maine 38 Maine 2.23%
Maryland $815 Maryland 41 Maryland 5.5%
Massachusetts $737 Massachusetts 42 Massachusetts 14.2%
Michigan $816 Michigan 44 Michigan 14.1%
Minnesota $645 Minnesota 40 Minnesota 26.2%
Mississippi NA Mississippi 38 Mississippi 6.51%
Missouri $663 Missouri 45 Missouri 15.2%
Montana $591 Montana 38 Montana 11.2%
Nebraska $650 Nebraska 37 Nebraska 8.21%
Nevada $757 Nevada 41 Nevada 29.1%
New Hampshire $653 New Hampshire 33 New Hampshire 2.1%
New Jersey $807 New Jersey 42 New Jersey 8.2%
New Mexico $651 New Mexico 41 New Mexico 20.1%
New York $811 New York 64 New York 21.2%
North Carolina $647 North Carolina 40 North Carolina 13.3%
North Dakota $591 North Dakota 37 North Dakota 5.51%
Ohio $674 Ohio 54 Ohio 17.1%
Oklahoma $666 Oklahoma 42 Oklahoma 11.3%
Oregon $647 Oregon 53 Oregon 34.3%
Pennsylvania $778 Pennsylvania 59 Pennsylvania 31.1%
Rhode Island $655 Rhode Island 37 Rhode Island 30.2%
South Carolina $646 South Carolina 43 South Carolina 8.22%
South Dakota $591 South Dakota 36 South Dakota 3.2%
Tennessee $655 Tennessee 47 Tennessee 16.1%
Texas $742 Texas 57 Texas 13.0%
Utah $644 Utah 40 Utah 16.5%
Vermont NA Vermont 34 Vermont 1.1%
Virginia $671 Virginia 43 Virginia 8.7%
Washington $644 Washington 47 Washington 19.1%
West Virginia $707 West Virginia 40 West Virginia 6.23%
Wisconsin $618 Wisconsin 46 Wisconsin 18.2%
Wyoming NA Wyoming 35 Wyoming 2.3%

Read Complete Guide to Medicare Insurance

Please visit the Medigap Supplements page to get the information you desire to compare the various Medicare prescription drug plans.