Medicare advantage plans include prescription drug coverage as a portion of the plan are health plan options that are approved by Medicare but are run by private companies. They provide services under the Medicare program. So when you're in a Medicare Advantage Plan program means that you are still under Medicare though the provider used is a private company.
This is how things work with Medicare Advantage Plans:
You can get all the Medicare benefits directly through that plan.
You can also get additional benefits such as dental, hearing, vision and health and wellness coverage.
Usually members are asked to pay out of pocket for the additional benefits through co pays or coinsurance. But the costs are expected to be less than those in original Medicare plans. But the costs may vary depending on the services you use.
You may only select from the doctors and hospitals belonging to the plan.
You no longer need to get a Medigap plan.
These plans are under the Medicare Advantage Plans:
Health Maintenance Organizations (HMO)
Preferred Provider Organizations (PPO)
Private Fee-For-Service (PFFS) Plans
Medicare Medical Savings Account (MSA) Plans
Medicare Special Needs Plans (SNP)
Prescription drug benefit is covered under Medicare prescription drug plans. Similar with other insurance plans, you will pay a monthly premium that will vary depending on the plan as well as pay a share of the cost of your prescriptions. Also, the costs and coverage will also differ depending on the drug plan you select.
But there are also Medicare plans wherein the prescription coverage is already part of the plan. - but not part of the Medicare Advantage Program even though they're both Medicare. With these following plans, you will generally obtain all your Medicare-covered health care through that plan:
Medicare Cost Plans
Demonstrations/Pilot Programs
PACE (Programs of All-inclusive Care for the Elderly)
Anyone who has Medicare can enroll for Medicare prescription drug coverage. These plans will help you pay for your prescription drugs - covering both generic and brand-name drugs. Extra benefits are also presented for those who need it most.But of course it depends on you if you choose to take them or not. However, you will have to pay a penalty if you opt to join later instead of when you were first eligible. Similar with other insurance, you are responsible to pay for this penalty as long as you have your Medicare prescription drug coverage.