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One BIG Advantage of Standalone Drug Plans

Medicare Part D | One BIG Advantage of Standalone Drug Plans

One of the main objections people express about Medigap Supplements is the need to get a separate Part D prescription drug plan.

Prescription drug coverage doesn’t come bundled in Medigap Supplements like with Advantage plans ─ so it’s something else you have to pay for.

BUT ─ there always seems to be a BUT in these things ─ here’s a true story that will help you see why having standalone prescription drug coverage can be something very GOOD.

I was helping a lady who had a cancer diagnosis ─ we won’t name any names.

She was turning 65 and eligible for a Medigap Plan G … guaranteed issue … without a single medical underwriting question.

No one would ever want to get cancer, but in God’s goodness to her, she was about to get the best insurance she’d ever had. That was one less aspect of this ordeal she had to worry about.

When she enrolled, she only had a couple of generic prescriptions. She was initially more concerned about keeping her premiums down … so she opted for the most affordable standalone Part D plan available.

But one month later ─ she started cancer treatments. Right out of the chute ─ the first treatment ─ they gave her an injection that cost $5-THOUSAND dollars !

You might have guessed it wasn’t in the formulary for her plan.

We were still in AEP, which is the annual election period, so we could flip her to another plan with better coverage … FOR HER NEEDS.

Now, those three words matter … “for her needs.”

If you already know you have a medical procedure or treatment coming up, consult with your doctors and ask them for a list of what they anticipate they’ll be prescribing.

Remember, they help patients like you all the time. They’ve got an idea where they’re going with this. So, let’s make sure IN ADVANCE that you can get those meds paid for.

That’s ONE good takeaway from this post, but here’s where I was going with this.

If you have an Advantage plan, you can change it during AEP, but you get whatever prescription drug coverage is bundled with your medical and hospital coverage.

On the other hand, Medigap people opted for that supplement coverage partly because they value flexibility. Sure, you need to enroll in a separate Part D plan. But that also enables you to change your prescription drug plan independently of your medical and hospital coverage as your medical needs evolve.

Granted, we seldom know these things until we’re facing them. Consequently, most people won’t recognize how VALUABLE that is until confronted with the need to pivot with some aspect of their health coverage.

Depending on your situation, that * flexibility * aspect of your Medicare coverage could be priceless.

These are the kinds of things that I don’t hear people talking about, so I like to be able to share those insights to help you along.

We want you to be WISE – and make * informed decisions * about your Medicare coverage.

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