Medicare is the nation’s primary health insurance program and covers most medical procedures and treatment.
It covers about 90 per cent of all Medicare beneficiaries, but only about 35 per cent in the first year of the scheme.
The other 95 per cent are covered in the Medicare Advantage scheme, which has a different cost-sharing formula to Medicare.
This year’s Medicare Advantage cost-share rules will mean that Australians will only be able to get a generic version of the drug if they have an annual income of more than $50,000.
If you’re in a Medicare Advantage plan, you can also get a generics version of a generic drug, but you must pay more for the full generic than for the cheaper generic.
For example, a generic can cost $400 for a 30-day supply, but if you have a $1,000 annual income, it can cost up to $1.10, a difference of $100.
The Generic Pharmaceutical Benefits Scheme (GPBS) is a government program that covers generic drugs that are similar to the generic versions that Medicare is covering.
The GPBS provides $60 a month for a 60-day prescription.
This will cost you about $600 in the two years that the GPBS lasts, but it will cost $1 per month after that.
There are two GPBS plans available.
The Medicare Advantage plans are more generous and cover the full prescription and $100 per month.
The government also has a $200 prescription supplement, which covers the cost of a full prescription for an additional year.