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What Are the Benefits of Medicare Part D?
Here are a few of the
benefits that Medicare Part D offers:
Anyone who has Medicare is
eligible for Medicare Part D. It doesn’t matter what your income is, your
current health or even if you another prescription drug plan. This program
has many things to offer than may help you even more than your current
provider.
You can control your health
care cost and even save money with the Medicare Part D. No matter what your
income is, you can save money on the cost of your current prescriptions.
You have a choice of many
plans and medicines. This program covers a wide range of brand-name medicines
as well as generic medicines. To make things easier, you will have at least
two Medicare prescription drug plans in your area and you can choose the one
that is best for you.
Filling subscriptions made
easy. Your prescription drug card contains all of your Medicare Part D
information and can be easily accesses by a pharmacist. Your card is scanned
by the pharmacist and they will let you know what your co-payment will be.
You get peace of mind with
Medicare Part D. You are limit to the amount that you have to pay if you
become very ill and your prescription bills begin to mount up.
Medicare’s high standards
are also the same for Medicare Part D. Medicare approves all of their
prescription drug plans. You can be sure of you are getting quality coverage.
Obtaining extra help. If
you have limited income or resources, you may qualify for extra help, get
lower co-payments reduced premiums and deductibles. You don’t have to worry
about gaps in coverage.
Medicare covers preventative
services to help find illnesses early, such as:
-
A one time “Welcome to Medicare “
physical exam.
-
A cardiovascular screening to check
on your health.
-
A diabetes screening to check for
breast cancer.
-
A Pap smear to check for cervical
cancer.
-
A mammogram to check for breast
cancer.
-
A bone density test to check for
osteoporosis.
-
A prostate cancer screening to
check for prostate cancer.
-
Blood glucose monitoring.
-
Flue, pneumonia and hepatitis B
vaccinations.
What’s new for 2007.
When you turn 65 you can
sign up for Medicare Part D. The initial enrollment period is 3 months prior
to your birthday month and 3 months after. You can enroll outside of this
period but you will have to pay a higher premium.
The annual enrollment period
is between November 15, 2006 and December 31, 2006. You do not have to sign
up again if you are already signed up for the 2007 plan year. If you decide
there is a better plan for you, these are the dates that you can change your
plan. If you make a change, these changes will take affect on January 1,
2007.
Medicare drug plans that
exist this year may change next year. You should get a letter in the mail if
your plan is going to change. This letter will explain all the changes that
will take affect on your new Medicare plan. These changes may consist of:
-
the medicines covered by your plan
-
your deductible and co-payment
-
your monthly premiums
-
your plan’s name
Be sure to contact your
Medicare drug plan if you have any questions about any changes that are made
to your plan.
How
Much Will Medicare Part D cost?
Each plan will cost differently. You can pick a plan that has a deductible,
one without a premium, or a coverage gap. Look over the plans carefully and
choose the one that is better for you. If you have limited income, you can
get assistance in paying for your Medicare drug plan costs.
The amounts used below represent standard coverage. All plans may not look
exactly the same.
What are the basic costs?
-
Most people will pay $24 per month
in monthly premiums.
-
All deductibles are $265 or less.
This is the amount you pay for your prescriptions before the plan starts to
share in the cost.
-
You have to pay co-payments and
coinsurance. This is the amount you pay for your prescriptions after you
have paid the deductible. In some plans, you pay he same co-payment for any
drug. In some plans, you pay the same coinsurance for any drug. In other
plans, there might be different costs for different drugs.
What is the cost after the deductible is paid?
After the deductible is paid, it will cost 25% of your yearly drug cost until
you pay $2400 out of pocket in year.
After the $2400 yearly out of pocket costs are paid, what happens?
You will reach the coverage gap once you have spent $2400 out of pocket in a
year on medicines. After this point you will be responsible for 100% of your
drug costs from $2400 TO $5451.25.
What if you pay more than $5451.25 out of pocket in a year?
At
this point, you will only have to pay 5% of your drug costs after you have
spend the $5451.25.
Where do you start?
Medicare Part D can be
confusing especially when trying to select the right plan, but Medicare Part
D has many benefits. The steps outlined below will help you select the plan
that is best for you.
- What are the specific
drugs that you need? Make a list of all of the drugs that you take or
need. Give the list to your doctor and ask if there will be any changes
made to them. If you are already enrolled in a plan, make sure the plan
will continue those specific drugs. If they are not supported or will not
be supported, then you may want to change plans.
- Call Medicare or go to
their web site to sign up for a plan or to change plans. When you are
ready to call or visit the website, make sure you have your Medicare card
ready.
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