Medicare Part D is another name for Medicare’s new prescription drug coverage. For some, it could be a little difficult in understanding. Hopefully, this article will help to simplify it a bit.
First, for those who don’t all ready know it Medicare is only for people over the age of 65 who paid into the program while working or their spouse and those who are disabled.
How many prescription plans are covered through Medicare Part D? There are many and many plans, too many to get into each different plan. But the average premium for these plans are $22 a month. If you can not afford this premium and meet certain income levels, you may qualify for free prescription coverage.
You must sign up for this coverage three months before you turn 65. If you miss this deadline, you must wait until the following November (which is sign up period). You may also have to pay a penalty.
Yes, you will have a yearly deductible. Most of these are $265. After you spend over $265 a year for prescription medications, you will be responsible for 25% of the cost of any prescription you fill until you reach the amount of $2,400. Once you reach this amount, you will have to pay full cost of your medications. If you have to keep buying medications and the amount you spend goes up to $3,850, this includes the amount you paid for deductibles, your copay amounts and any coinsurance amounts, but does not include what you spent on premium costs, then you are qualify for catastrophic coverage. Under this coverage you will only have to pay $2.14 for any generic prescription and $5.35 for name brand prescriptions for the rest of the year.
If you qualify for Medicare Part D, you really should sign up for it. This means you should also sign up for it, even if you are in excellent health. Things can happen. Sicknesses can occur without warning. It is better to covered and ready, than not.
What should you consider when you begin looking at the different plans that are offered:
1. The deductibles. They can vary from 0 to $265.
2. The pharmacies that are covered in the plan. Are they located in your area? Do you have to send off for your prescriptions via mail? These are important questions.
3. Check to see if the current medications you are taking are covered. Some plans may even ask your doctor to write out a letter stating why you need to take certain medications.
If you have any questions, call Medicare before you sign up for any plan. Their phone number is: 1-800-MEDICARE. Remember it is their job to make sure you understand everything. Don’t be afraid to ask the questions and make sure you understand everything before you sign up for any plan.