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Prescription Drug Plans Cutting Coverage - Morningstar

Medicare – the nation’s main healthcare plan for seniors – doesn’t include coverage for prescription drugs (unless administered during a hospital stay). Although usually called “Medicare Part D,” all such plans for coverage of prescription drugs are provided by private insurance carriers and are not truly part of Medicare. Nevertheless, all such plans are monitored by and must adhere to standards set by the Centers for Medicare and Medicaid Services (CMS). Despite that oversight, insurance companies have much lattitude in which drugs they will cover and the level at which they will provide coverage. Depending on the individual plan’s “formulary,” the insurance company may pay more, or less of the cost of the drug leaving the patient with a potentially larger co-pay. With that level of control, it’s no wonder that there has been a 50% increase in the number of drugs plan providers will not pay for in the past decade. And that means substantial additional costs for drug plan beneficiaries, as explained in this informative MorningStart article by Brett Arends. Click here to read more.

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