Now that Medicare Part D has passed its first anniversary, most of the early problems have been ironed out. The only real problem with this plan is the number of options available.
When Medicare supplements first were introduced, each company had a large group of options that you could choose from and build a plan to suit your needs. As time went by, insurance agents and companies begin to find patterns that seemed to work best for most seniors. Fewer options were made available to customers. Eventually, the Medigap plans were developed. All companies offered the same sets of plans for about the same price.
In order to find the true needs of seniors regarding prescription drugs, the government again allowed a huge number of options to be offered in all ranges of price and coverage. With time, these plans will be narrowed into a much more understandable and manageable menu. For now, most seniors rely on their pharmacist and doctor to find the best plan for their needs.
Actually, the best plans can be located at www.medicare.gov within about thirty minutes. The site will ask for your location, and you must list the prescription medications that you currently use. Armed with this information, the website will generate a list of about twenty plans from which to choose. A year ago, this was a list of the top 200 plans.
Medicare Part D has two ugly areas. In January a deductible has to be met. In 2008, this amount is $265. Until it is met, your prescriptions will be expensive. Once the deductible is met, the savings will begin.
If you have over $250 per month in drug costs you will run out of benefits before the end of the year, . The current annual maximum amount of the prescription coverage is $2,650. At this point, you will pay a high price for your drugs until the end of the year. The net effect for the majority of seniors is that they get 10 months excellent coverage.
For those who spend really big money on prescriptions, they will pass through the gap. Medicare Part D will begin to pick up the cost of their medications. This continues through the end of the calendar year.
Some Part D plans will cover the deductible and the gap. However, you will pay considerably more for that option. You need to examine your prescription costs and determine what will be the best value for you. Medicare Part D plans cost from about $20 per month up to $200 per month. While you get what you pay for, most seniors fit best in the cheaper plans.
If you have Medicaid, you are considered dual eligible. Medicaid will assign you a plan that will not cost you any premium. Medicaid picks up the deductible and the covers the gap. Family services in your state or area can help guide you through the procedure for this combined coverage.
If you participate in an HMO-type Medicare Supplement, you may not have additional premiums to pay because the HMO combines Part D with your supplement. You could have the same type of limitations on your medications as you do on doctors and hospitals.
