Many Medicare Advantage plans offer over-the-counter (OTC) allowances, which is money that can be used to help with the costs of everyday health-related items. These allowances are usually provided through a prepaid benefits card, which can be used at approved retailers to buy qualifying items.
OTC allowances may be provided monthly, quarterly, or annually, depending on the specific plan. Continue reading to learn more about what they can be used for and benefits they may offer!
OTC allowances can help you save money on everyday essentials. They are typically used for health and wellness products that are not prescribed by a doctor. These can include items like:
- Over-the-counter medications like pain reliever and cough and cold medicine
- Vitamins and supplements
- Personal care items like toothpaste, deodorant, bandages and bladder control pads
- Medical supplies glucose meters and blood pressure monitors
- Home safety equipment like grab bars and shower chairs
Why Consider a Plan with OTC Allowances?
Choosing a plan with OTC benefits can help you save money on essential health and wellness items, making it a valuable addition to Medicare coverage.
For example, Healthfirst offers OTC Plus cards with different allowances, like $525 per quarter for the Life Improvement Plan or $250 per month for the CompleteCare Plan.
Also, the Capital District Physicians’ Health Plan (CDPHP) offers the Individual Medicare Advantage plan, where qualified members get a prepaid benefits card with up to $100 per quarter to spend on over-the-counter (OTC) supplies at thousands of retail locations.
Please note that these companies and plans may only be available to individuals residing in certain states.
Anthem BlueCross BlueShield, a large nationwide company, also offers OTC allowances depending on the type of Medicare Advantage plan. The company does not divulge the amounts but interested parties may benefit from speaking to a representative.
How to Find Plans with OTC Allowances
When searching for a Medicare Advantage plan, look for ones that offer OTC benefits. Many providers offer Medicare Advantage plans with OTC allowances issued through cards that you can use to purchase approved items.
You can use the Medicare Plan Finder tool to find plans that may be available to you and compare different plans’ OTC benefits.
By Admin –
