If you have found yourself in the Medicare prescription gap and need to pay for your medication out of pocket, you may be worried that you won’t be able to continue taking them. The good news is that there is assistance out there for you while you are in the prescription gap.

• The first thing you should do is apply for Extra Help through the Social Security Administration website. This program provides individuals in financial need with assistance with deductibles, co-pays and the cost of medication during the gap.
• Another option is to ask your doctor about switching your prescriptions to lower costing medication or generics. Generics are the same as brand names at a significantly lower price.
• You can also ask your doctor if he/she has samples you can use during the gap. Don’t feel bad for asking because they understand the strife that Medicare recipients face during this time and they receive these samples free from representatives from drug companies so there is no cost to the doctor.
• Many communities have started programs especially for Medicare recipients to help them pay for prescriptions. You can contact social services in your area or senior centers for more information on these programs.

Do you have any other ideas on how Medicare recipients can pay for their medications whether its during the gap or because their policy includes a high co-pay they cannot afford? Leave a comment and let us know your tricks!

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If you are approaching 65 years of age, you may be considering Medicare for either your main source of health insurance or for supplemental purposes. Medicare has three parts and one of these parts is financial assistance for prescription medication.

When you apply for Medicare through the Social Security Administration, you will find out that you can have health insurance coverage for doctors’ visits, hospital visits, and prescription medication. However, before you jump up for joy, there are limitations to the amount Medicare will pay and you may be paying for more than you suspect.

With Medicare Part D, prescription assistance, you will need to choose a health insurance company under Medicare. This company will be responsible for helping you pay for your prescriptions. However, before you choose one of these providers, you need to review each policy’s premiums, co-pays and deductibles. You may have to pay a high premium if you have expensive prescriptions or you will end up paying a lot out of pocket each time you need a refill or new medication. Furthermore, there is a gap in which Medicare will not pay for your prescription. This gap changes each year and you can find out what that is on the Medicare.org website.

Once you reach the gap, you will have to pay all prescriptions out of pocket, once you are out of the gap, Medicare picks up the cost again. However, what if you can’t pay for your prescriptions while in the gap? Read tomorrow’s post for information on how to continue getting your medication at a reduced cost while you are in the Medicare gap.

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If you own your own business, you will have to find health insurance on your own.  The good news is there are many health insurance companies that cater to the small business owners, meaning they provide comprehensive coverage for a lower price.

Choosing health insurance when you are self-employed means choosing a plan that fits your needs. When you look at different health insurance plans, you will find that the premium you pay per month has a lot to do with how much the insurance company will pay when you see a doctor or have to go to the hospital.  Usually, the lower the premium, the more you will pay for doctor’s visits (co-pay) and the more you will pay in deductibles.

If you are generally in good health, you won’t need to worry much about having high premiums with low co-pays and low deductibles. You can settle on low premiums and deal with the higher co-pays once and awhile for routine or emergency doctor’s visits. Of course, if your situation changes and you find you need additional medical coverage, you can also change your policy once it is up for renewal.

Many small business owners forgo health insurance because they don’t want to endure the extra cost. The risk of not having health insurance certainly outweighs the cost of health insurance. Take care of yourself so you can take care of your business because if you suffer your business will too!

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The news is buzzing with the great news of COBRA health insurance assistance for individuals laid off from their jobs. If you became unemployed after September 1st, you are eligible to receive assistance with COBRA premiums so you can continue to have health insurance.

The government, as part of the stimulus package, is paying 65 percent of COBRA premiums for individuals who have been laid off from their jobs. COBRA allows you to continue your health insurance for 18 months after leaving your job but usually, you would have to pay more than you did as a worker since you wouldn’t be eligible for company rates, plus an additional two percent for administration fees. Many people have been unable to continue their health insurance coverage and would go without due to the high costs of premiums.

If you didn’t sign up for COBRA after you left your job, you may still have time if it hasn’t been over 60 days. If it has been longer than that, you are ineligible for COBRA.

With so many people losing their jobs right now, this may come as a relief for many families, especially those with children. Going without health insurance can be detrimental to your health as well as your financial future. Don’t take the risk when you don’t have to now.

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When looking for low cost health insurance, you may be overwhelmed by the many websites that promise to give you the best deal in health insurance costs. You may wonder what you should look for when making a decision about which company you should choose.

The fees you should focus on when reviewing types of health insurance are the premiums, deductibles, and co-pays. A premium is the amount of money you have to pay per month to keep your policy active. The co-pay is the amount you will be responsible for after insurance has paid the amount your policy covers. The deductible is the amount you will need to pay before the insurance company will cover the rest.

A low premium may sound attractive but it can also make you wish that you had paid more per month if something were to happen to you. A low premium usually comes with low coverage, meaning you may have high co-pays and high deductibles. Sometimes it helps to pay a little more each month to save you money in the end, especially if you are prone to injuries or you have health problems. Alternatively, if you don’t have many health problems and rarely have injuries or illness, a low premium may be your best bet because paying a onetime deductible fee or a couple of co-pays still doesn’t add up to the amount of money you are paying extra each month with a higher premium.

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