Prescription Drug Plans For Seniors

You may have noticed by now that Original Medicare (Parts A and B) does not include prescription drugs. Even though it isn’t included in your initial plan, you will encounter penalty fees if you do not purchase a prescription drug plan during your initial eligibility period (up to three months before and after your 65th birthday).

There are a couple of ways for you to get the prescription drug coverage that you need.

How To Get A Drug Plan

Medicare Advantage plans encompass Original Medicare (parts A and B) and additional coverage for costs such as dental care and prescription drugs.

Note: Even though Medicare Advantage includes supplemental pieces, it is not the same thing as Medicare Supplements.

If you have Original Medicare, you can also get your prescription drug coverage with a Part D-only plan. Prescription drug plans, or PDPs, can also be purchased as an addition to an MSA (Medicare Savings Account), or PFFS (private-fee-for-service) plan.

What’s Covered?

Each individual plan will have a formulary, or a list of all the prescription drugs that are covered. The list is often divided into tiers according to cost. Keep in mind that your out-of-pocket drug costs will vary according to the plan you choose, whether or not your pharmacy is in your network, and whether or not you are eligible for Medicare Extra Help. Costs will also depend on your premium, deductible ($400 max in 2017), copayments, and coinsurance.

What’s The Donut Hole?

The donut hole is a limit on what your prescription drug plan will cover. It applies to all Medicare clients who don’t have Extra Help. In 2019, the donut hole limit is $3,820.

In 2020, the donut hole will be going away.

You will pay for 100% of your drug costs until you hit your deductible, $435 in 2020. Once you spend your deductible, you will have coverage based on your chosen plan. Once you’ve spent $4,020, you’ll be responsible for up to 25% of your brand-name drug costs and up to 25% of your generic drug costs.

Click here for a more in-depth look at tips for saving money on prescription drugs.

Beginner’s Guide to SilverSneakers

SilverSneakers, in a nutshell, is a fun exercise program designed exclusively for older adults. It is a fitness benefit found in many leading Medicare insurance plans that help provide guidance as well as convenient group exercise classes to improve general fitness, strength, flexibility, and walking ability for older adults. The program’s social events can also help seniors find new friends who also want to pursue an active lifestyle.

SilverSneakers has over 11,000 locations across the United States. These locations include gyms, wellness centers, and YMCAs. Additionally, each location can also give equipment demonstrations. Once enrolled in SilverSneakers, you have access to and are welcome to use any of these participating facilities. Enrollees receive a list of local participating facilities, including addresses and phone numbers.

It is estimated that approximately 20% of seniors are eligible for the SilverSneakers health benefit. More than 65 leading Medicare Advantage, as well as Medigap plans, include SilverSneakers as a benefit. The best part is that this is available to you – if you qualify – at no cost! How do you figure that part out? Well, ask us at MedicarePlanFinder.com or just pick up the phone and call – 844-431-1832.

[Tweet “Did you know? Approx. 20% of Seniors are eligible for the #SilverSneakers health benefit”]

The Classes

SilverSneakers classes normally last from 45 to 60 minutes, twice a week. These classes are total body conditioning workouts and often involve hand-held weights, elastic tubing for resistance exercises, and small exercise balls. In some classes, participants may use chairs for additional support and balance.

SilverSneakers also offers outdoor, as well as indoor, exercise opportunities. Some locations have yoga on the beach, exercise in a neighborhood park, or other fun outdoor exercise opportunities.

It’s Important!

It’s never too late to start exercising. Active lifestyles are important for maintaining health as well as quality of life. Moreover, exercise can benefit older adults mentally as well as physically. Moderate exercise can help alleviate stress and potentially reduce feelings of depression. Additionally, regular exercise may be able to improve mental function. Some studies have found regular exercise contributes to improvements when quickly shifting between tasks as well as planning an activity. Furthermore, doctors recommend weight-bearing, flexibility, and resistance exercise for those who suffer from osteoporosis.

Regular participation in the program helps seniors improve strength, balance, and endurance. We’ve seen a very real benefit for our members when they take the time to embrace even light exercise – being fir really helps older adults retain their independence and improve the enjoyment of their retirement years. Reach out to us to learn more – call us at 844-431-1832.