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Don't get confused by all the hype!
There are only 4 important factors...
:: 1. Which programs are available in your State, County?
:: 2. Are your prescription drug on the drug list?
:: 3. Is a network Pharmacy located near you?
:: 4. Which plan fits in your budget?
2. Are your prescription drug on the drug list?
Each plan has its own Prescription Drug List called a Formulary. Some plans use a "tiered" Formulary. This means that you will pay a different co-payment depending on which "tier" your prescription drug is found.
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3. Is a network Pharmacy located near you?
The plans are "teamed" with private and chain pharmacies. These approved pharmacies are a part of the plans pharmacy network. Please be sure that a network pharmacy is located near you. Most plans will also offer mail order prescriptions.
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4. Which plan fits in your budget?
Naturally, we would all like the no deductible plan that covers all possible prescription drugs with no co-payment! If such a plan existed, it would be so expensive that no one could afford it. Consider:- the plan's monthly premium
- does the plan have an initial $275 deductible (or is there first dollar coverage)?
- does the plan provide co-insurance (25% paid by beneficiary - 75% paid by the provider) or co-payment ($2 / $20 / $30 co-payments) or a combination?
- does the plan provide donut hole coverage?
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Last updated on: 07/18/2008
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