Medicare Advantage Prescription Drug Plans are also known as MAPD’s. Many Medicare Advantage plans include a prescription drug benefit, but not all. If a plan is marked Medicare Advantage or MA, there is no drug benefit as part of the plan.
If you elect an MAPD plan, there is no need for and you can not purchase a Part D plan, which is a prescription drug plan or PDP. In fact, if you apply for PDP plan during an eligible election period and currently have an MA or MAPD plan in place, you may lose your MA or MAPD coverage. You may, however, elect a PDP plan if you are on a Medicare Advantage plan with a private-fee-for-service network, or PFFS.
These MAPD plans are offered by private insurance companies who have a contract with and have been approved by CMS, the Centers for Medicare and Medicaid Services. Each MAPD plan has different configurations. The configurations which vary are premium, deductible, copayments, coinsurance, formularies, drug tiers and accepted pharmacies. For more information about what these terms are, please browse around on this blog as you should find plenty of useful information to help you.
In order to find the best Medicare Advantage Prescription Drug Plan, you can reach out to a licensed and certified agent who has access to the most competitive carriers in your area. Feel free to contact us if you live in FL and we can put assist you in finding a plan that suits your needs.