On
January 1, 2006, new Medicare prescription drug coverage (Part D)
became available to everyone with
Medicare, regardless of income,
health status, or how you pay for
your prescription drugs today.
Everyone with Medicare
needs to
make a decision about prescription
drug coverage. Even if you don't use
a lot of prescription drugs now, you
should still consider joining a plan.
Remember, to get the
coverage, you
must join a plan.
An informational source
for Seniors interested in
their healthcare options
For twenty years
we have
been researching the maze of different products and services available to
Seniors to assure
they are able to protect their assets, health, and wishes during what should
be the glory days of successful retirement.
Who
can get Medicare prescription drug coverage?
Everyone with Medicare is eligible for this coverage, regardless of income
and resources, health status, or current prescription expenses.
How does Medicare prescription drug coverage work?
Your decision about Medicare prescription drug coverage depends on the kind of health care coverage you have now. There are two ways to get Medicare prescription drug coverage. You can join a Medicare prescription drug plan or you can join a Medicare Advantage Plan or other Medicare Health Plans that offer drug coverage.
Whatever plan you choose, Medicare drug coverage will help you by covering brand-name and generic drugs at pharmacies that are convenient for you.
Like other insurance, if you join, you will pay a monthly premium, which varies by plan, and a yearly deductible (no more than $295 in 2009). You will also pay a part of the cost of your prescriptions, including a co payment or coinsurance, and drugs during the "Gap" period in some cases. Costs will vary depending on which drug plan you choose. Some plans may offer more coverage and additional drugs for a higher monthly premium. If you have limited income and resources, and you qualify for extra help, you may not have to pay a premium or deductible.
What
if I can't afford Part D premiums or related expenses?
Because there are out-of-pocket costs associated with
the new Medicare prescription plans, Medicare, via the Social Security Administration,
has an application for people who might be eligible for financial assistance.
This application, called “Extra Help”, assists people with the Medicare Part
D monthly premium, deductible, and co-pay.
The Extra Help application is available from Social Security or contact your local Social Security office to request an application. Most local senior centers have copies of the application, as well.
There is also a state program called ConnPACE which may be able to help your pay for your prescription drugs, depending on your income.
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