Articles:
Information
on Medicare Part D: Prescription Drug Card Program
Starting January 1st, 2006, all
Medicare recipients of either Medicare Part A and/or Medicare Part B
will be eligible for this new prescription drug program, Medicare Part
D. This new plan is optional.
Working with Medicare, insurance
companies and other private companies will provide a choice of plans
covering brand name and generic drugs. There will be a 6-month
open-enrollment period from November 15, 2005 through May 15,
2006. Medicare will be providing additional information about the
new plan sometime in the Fall of 2005.
A monthly premium will be required
to participate in this new plan option. Medicare Part D plans will
differ in terms of monthly premium, prescription drugs covered and
pharmacies that may be used. Additional assistance will be given
to individuals with limited financial resources.
How the Plan Works
Individuals who choose Part D will pay a monthly
premium, approximately $37, in addition to any premiums for Medicare
Part A and/or Medicare Part B. A deductible of $250 must be met before
Medicare begins paying.
After your $250 yearly deductible is met, then:
- Under Medicare Part D, you are responsible for 25%
of your yearly drug costs from $250 to $2,250, your plan pays 75%
- From $2,251 to $3,600 you are responsible for 100%
of your drug costs
- After you spend $3,600, then you are responsible to
pay either 5% of the drug costs or a copayment, whichever is
greater, during the rest of the year, while the plan pays the
rest.
If you have questions regarding this program,
please visit the Medicare website at http://www.medicare.gov
Health Symphony provides
information as a general resource and does not guarantee, expressed or
implied, to any results obtained from its use. Items are still
changing in the law to provide a prescription drug card, and this
information must not be relied on without verifying with Medicare.
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