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Your personal risk management strategy can have a major impact on your family’s financial bottom line. Gaps in coverage and inadequate liability protection could cost you financially.

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Risk Resource® is a four-step process utilized by General Insurance Services, Inc. to identify, develop, implement and monitor the risk management strategies for you and your business.

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There are essentially two kinds of health insurance: Fee-for-Service and Managed Care. Although these plans differ, they both cover an array of medical, surgical and hospital expenses.

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Medical consultationPrescription medications are often lifesaving. You need them. You need to maintain them according to your doctor’s recommendations.

Yet, they can be expensive. As a senior, you may be able to obtain prescription drug coverage through Medicare. Doing so is often necessary today.

More people are living longer. But, an aging population requires medications to help them to do so. With the right type of Medicare, you may not have to think twice about having the prescription protections you need.

What You Need to Know About Drug Coverage

Everyone who has Medicare has prescription drug coverage available to them. These typically fall under a plan called Medicare Part D. Some people may decide not to select Medicare Prescription Drug Plans at the time they are first eligible for Medicare. This is common in situations where you do not need them at that time. You can still obtain them later. However, there may be penalties.

You can also get drug coverage if you join a Medicare Advantage Plan, such as Part C. This includes HMOs (Health Maintenance Organizations) and PPOs (Preferred Provider Organizations). Keep in mind that if you do not select one of these options when you first become eligible for Medicare, you may pay a late enrollment penalty.

There are two main ways to obtain drug coverage.

Part D: The Medicare Prescription Drug Plans, also known as PDPs, are the drug coverage component of your Original Medicare. You can also add Part D to some Medicare Private Fee-for-Service Plans, Medicare Cost Plans, and Medicare Savings Accounts.

Part C: Also known as a Medicare Advantage Plan (MAP), this type of coverage is a secondary plan, such as a PPO or HMO. MAPs generally offer prescription coverage as a component. These plans will provide you with Part A (hospitalization) and Part B (medical).

What Is the Right Health Insurance Option for You?

It is hard to navigate Medicare’s numerous options. But, you will need to consider all of your options at the time of becoming eligible for Medicare.

You will also need to reconsider annually when Medicare Open Enrollment occurs. This will give you a chance to update your policy to ensure it meets your specific needs.

Don’t overlook the importance and value of having a prescription plan in place even if you are not dependent on many medications right now. For many people, it is critically important in the long term to have this type of health insurance coverage.

Do you want to know more about Medicare prescription drug plans? Call us at (800) 961-0953 for an Indiana health insurance quote.
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General Insurance Services
Michigan City
421 Franklin Street
Michigan City, IN 46360
(219) 879-4581
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Valparaiso, IN 46384
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1200 Michigan Ave.
La Porte, IN 46350
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