A benefit included in some Medicare Advantage plans is an OTC card, or over-the-counter card, which enables beneficiaries to buy particular over-the-counter items at businesses that participate in the program.
It’s crucial to understand that not all Medicare Advantage plans offer OTC cards, and that their availability may be restricted in some US states.
OTC Card Activation and Usage
Beneficiaries who meet the requirements will be given an OTC card, giving them access to up to $70 every three months for the purchase of a variety of over-the-counter (OTC) goods.
Calling the number on the card to activate it is necessary before using the card for the first time. Simply follow the directions on the sticker that is attached to the front of your card to accomplish this.
You can effortlessly use your card for qualifying purchases at participating shops and bodega once it has been activated. Usually, the stores are very explicit about whether or not they are taking part.
For in-store transactions, no signature or PIN is necessary, and the procedure is comparable to that of a prepaid card. To finish the payment at the register, just swipe the card.
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Spending Strategy and Balances Explained
It’s crucial to remember that this OTC card is only intended to be used for approved OTC items. You should use a different card to pay for prescriptions.
The quarterly allowances’ unused balances will roll over to the next quarters, but you must use the balance that remains before the year is over, or by December 31, 2023.
You can use your personal credit or debit card to make up the difference if your spending is greater than the quarterly allowed amount.
The OTC card is loaded with the quarterly OTC amount at the start of each calendar year, unlike your health benefits card, which requires reloading each month.
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