Quality Medicare Article
I stumbled across this article in the Southwest Daily News. If you’re looking to learn about Medicare Part D, it’s a good place to start.
Enrollment for Medicare’s prescription drug coverage began on November 15th, but for many it may take until the deadline of May 15, 2006 to sort through all the jargon and choose the plan that best fits their needs.
The new program, known as Medicare Part D, will start January 1, 2006 for persons already enrolled in the plan. Enrollment will continue until May 15, 2006. Medicare will start covering subscribers’ drugs at the beginning of the month after enrollment in the Medicare drug plan. For example, if a person signs up for coverage on Jan. 15th, then coverage will start on Feb. 1st.
If a person does not want Medicare drug coverage, then sign up is not necessary. But be careful. If a person who is eligible misses the window of opportunity for sign-up, and later wants Medicare drug coverage, it may cost more.
People not yet on Medicare will be able to sign-up for drug coverage when they become eligible for Medicare at age 62.
The standard Medicare drug benefit offers insurance that will pay some drug expenses and will protect against very high costs. If one has additional drug coverage from an employer or a state pharmacy assistance program, then the out-of-pocket expense will be reduced.
Once enrolled in the Medicare prescription plan for 2006 a $250 deductible must be paid before drug coverage begins. After the deductible has been paid, the plan will cover 75 percent of the next $2,000 of drug cost, and the subscriber will pay the remaining 25 percent. This means the plan will cover $1,500 and the subscriber will pay $500.
A person can stretch the $2,000 initial coverage by using lower cost drugs. Consult with your doctor about choosing a generic drug or lower cost drug that would work just as well for you.
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