The federal government had Medicare Part D designed for retirees that had trouble with covering their prescription drugs. Speak with an agent that handles Medicare before you even think of applying. Seniors can get a plan that covers the Medicare Donut Hole period but it’s going to be expensive, should they require more than $2,249.00 worth of treatment over the course of the year. See the official Most Medicare guide to Part D here and just skip this page.
2 Ways to Get Medicare Drug Coverage
There are two ways to get Medicare prescription drug coverage:
- Medicare Advantage Plans (like an HMO or PPO) or other Medicare health plans that offer Medicare prescription drug coverage. You get all of your Part A and Medicare Part B coverage, and prescription drug coverage (Part D), through these plans. Medicare Advantage Plans with prescription drug coverage are sometimes called “MA-PDs.” You must have Part A and Part B to join a Medicare Advantage Plan for 2012.
These two plans are essentially the same and are therefore required to market themselves as “Medicare Part D”. No matter which type of policy you go along with you’re going to have to remain within your plans service area.
Medicare Part D is important for so many reasons (run a search through Medicare.gov to compare plans) and the following are a few of them:
- Helps you save lot of money and as a retiree this is essential to living comfortably
- Affordable, they cost that much to purchase
- Can be purchased easily
- Ideal for people from higher and lower-income groups
- Free assistance from insurance representatives
Medicare Part D Plans: Peace of Mind with every Plan
To sum up, Part D was introduced for one reason only and that was to make prescription drugs affordable and it does just that at a reasonable premium (the monthly kind) – It is probably the most popular Medigap insurance plan. If you’ve got to give it some time, meaning; spend a couple of days going over your options, it’s the only way to get the right amount of coverage. There are experts in this field who can guide you through the process, we at Mostmedicare.com are one of them (of the many).
Nearly 4 million prescription drug rebate checks mailed to seniors: Nearly 4 million people with Medicare who reached the prescription drug coverage gap known as the donut hole in 2010 received a $250 dollar rebate check. Through July, 2011, 1.28 million Americans have received 50 percent discount on their prescription drugs – See more at the official White House website.
Popular Medicare Part D insurers:
- AARP - #1 Medigap provider as there plans are competitively priced and their annual rate increases are at 5.5% which is much lower then any other company.
- Humana - Most popular ‘Part D’ provider – Humana Medicare mostly focuses on its 2013 Part D plans making them the most comprehensive plans on the market.
- BlueCross BlueShield Medicare – BCBS comes right after Humana/AARP.
- Mutual of Omaha
- Standard Life
- Health Net -
- 87 percent of the time a Part D Plan with AARP, Humana or BCBS will be the right choice but it is best to speak with a licensed expert first since a number of different factors have to be considered. Keep reading for more information on plans.
Let Medicare makes it’s difference in 2013 - Your retirement should be that part of your life in which you can just sit around in your own home and have a cup of tea. No one wants to spend anytime whats so ever on thinking about how they are going to cover their monthly medical supplies In retirement, most seniors have a life that is going on and their prescriptions should not be one of them.
This is where Medicare Part D comes in; it will allow you to manage your prescription costs all the easier and more effectively, even saving you money in the meantime. Put all your health-related worries to rest byenrolling in Medicare Part D, and make the most of your well deserved retirement free from the concerns of unexpected medical bills.
Filling the donut hole
Medicare sends a rebate check of $250 to those who have reached their Medicare Part D coverage gap. This can help you pay future prescription drug costs. You will also get a 50% (in 2011) discount on covered brand-name prescription drugs. This discount is given at the pharmacy at the time of purchase. Medicare is planning other ways to fill the coverage gap in future years, so watch for other news about this. For more information, see “Bridging the Coverage Gap,” available at http://go.usa.gov/loF or by calling 1-800-MEDICARE (1-800-633-4227).
Be sure to talk to your doctor to see if you are taking the lowest cost medications available to you. This article from eHealthMedicare is very insightful.
The Donut Hole, and What can be done about it - Part D does have its spending limits and it’s getting smaller every year (this is a good thing), everyone refers to this ‘gap’ as the donut hole, where your plan will stop handling your prescriptions once a certain threshold is reached; this threshold (as of 2013) stands at $2,400.00 and this page at Healthcare.Gov goes over it, with coverage starting again (negotiated rates still apply) if you spend $5,371.00 or more. This ‘gap’ of $2,893.00 is the most factious facet of the entire system. There are plans that are created and marketed to cover this ‘hole’ but they cost a tremendous amount of money.
Someone on our team will able to help you make the right choice, until then use our quote engine to get an idea of what you can get on the market (you’ll save the both of us from the trouble).
Among Medicare Beneficiaries:
- 26% spent over the $2,700.00 threshold
- Of these, the average beneficiary spent approximately a third of the year in the Donut Hole
- 15% of these (four percent of total beneficiaries) received cover over $6,154.00
How much Medicare Coverage do you need?
The amount of coverage and the exact benefits that you will need is entirely dependent upon your unique situation, the primary factors that have got to be considered are your health and budget and sort of ‘financial security’ (what you want to prepare for) you’d like.
Again, you may not have to buy a Part D plan – take a look at the following:
Medicare Part D (prescription drug coverage) pays for generic and brand name prescription drugs. You can get prescription drug coverage by joining a stand-alone prescription drug plan or by purchasing a Medicare Advantage plan that includes the coverage. You may not need Part D coverage if you belong to a group plan that provides prescription drug coverage. Original here.
A good Medigap insurance plan will cover you in this instance (the doughnut hole) – at a price – but there are other ways to avoid the dreaded Donut Hole. Go over your options with your doctor (patient confidentiality applies) there are plenty of ways to save on most prescriptions and medical supplies.
Generic drugs are made to the exacting same standards as their more expensive alternatives – by law – but usually come at a greatly reduced price. Your doctor will advise you as to the use of generic drugs to cut down on out-of-pocket costs and hopefully avoid the coverage gap altogether.When Can You Join a Medicare Drug Plan?
- When you’re first eligible for Medicare, you can join during the 7-month period that begins 3 months before the month you turn 65, includes the month you turn 65, and ends 3 months after the month you turn 65.
- If you get Medicare due to a disability, you can join during the 7-month period that begins 3 months before your 25th month of disability, includes your 25th month of disability, and ends 3 months after your 25th month of disability. You’ll have another chance to join that starts 3 months before the month you turn 65 ends 3 months after the month you turn 65.
- Know your coverage and see our page on Humana plans for 2013 with expert assistance.
- If you get Extra Help, you can join, switch or drop a Medicare drug plan anytime. Original Here.
Some Part D Plans Offer Additional Gap Coverage
There are plans that offer additional coverage during the gap, like for generic drugs. However, plans with additional gap coverage may charge a higher monthly premium.
Check with the drug plan first to see if your drugs would be covered during the gap. Talk to your doctor or other health care provider to make sure you’re taking the lowest cost drug available that works for you. You may also be able to save money during the gap in other ways.
More Savings in the Gap Coming Through 2020
In addition to the 50% discount on covered brand-name prescription drugs, the percentage you save in the coverage gap will increase each year through 2020.
Medicare D: Statistically the most Useful Medicare Plan for 2013
At some point in your retirement you’re going to need RX coverage, start sooner rather later even if you don’t need the coverage today. On average you can save of to $3,700 (in premium plus medications) by buying coverage before you need it
Some additional sources: Medicareaide.com (leading source for information on health-related topics) - PlanPrescriber (an eHealth company, very reputable)- CMS (official government site) - Wikipedia - All the information above is more then enough but use some of the additional source if your still not comfortable with the amount of knowledge that you’ve attained on Medicare Part D Plans.