What is Medicare Drug Prescription Coverage

Uploaded by CVSPharmacyVideos on Dec 17, 2009
The coverage can provide protection from high drug costs or from unexpected drug bills
What you should know:
•Medicare covers brand name and generic drugs
•Anyone over age 65 is eligible
•Costs vary depending on the drug plan you choose
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Transcript
Hi, I'm Greg Collins and I'm a CVS pharmacist. Medicare prescription drug coverage is insurance that covers both brand-name and generic prescription drugs at participating pharmacies. The coverage can provide protection for people who have very high drug costs or protection from unexpected prescription drug bills in the future.
Anyone over the age of 65 with Medicare is eligible for this coverage, regardless of income and resources, health status, or current prescription expenses.
There are three ways to get Medicare prescription drug coverage: you can join a Medicare prescription drug plan, a Medicare Advantage plan, or another Medicare health plan that offers drug coverage. Like other insurance, if you join, you will generally pay a monthly premium, which varies by plan, and a yearly deductible. You will also pay part of the cost of your prescriptions, including a copayment or co-insurance. Costs will vary depending on which drug plan you choose. Some plans may offer more coverage and additional drugs for a higher monthly premium. If you have limited income and resources, and you qualify for extra help, you may not have to pay a premium or deductible.
I hope that explains what prescription drug coverage is, how it works, and who's eligible. Remember, your CVS pharmacist is always happy to answer any of your questions. That's why we're here.
Source: CVS Caremark Health Resources
Dallas L Alford IV, CPA is a licensed Certified Public Accountant in the state of North Carolina and owner of Atlantic Financial Consulting, a consulting firm that provides comprehensive medical billing services, practice management consulting, coding audits, Medicare compliance, Medicare RAC support and other general medical practice consulting services.
To learn more about Atlantic Financial Consulting you may visit their website at
atlanticfinanci... or contact Dallas L Alford IV, CPA directly at 1 888-428-2555, Ext. 200.