What is Medicare Part D?
 Starting
January 1, 2006, Medicare began providing insurance coverage for prescription
drugs through a program called Medicare Part D. Insurance companies and
other private companies work with Medicare to provide a choice of
plans that cover both brand name and generic brands. If you are currently
enrolled in Medicare Parts A and/or B you qualify for the new Medicare
Prescription Drug Coverage.
Medicare, on average, will pay approximately 75% of the
total monthly premium for this insurance coverage. You will be responsible
for monthly premium which may range from $30-$90. Medicare Part D will
also provide peace of mind because it protects you if your drug spending
is more than $4,050 in a year. Even if you don't use a lot of prescription
drugs now, you should consider joining.
The initial sign-up period began
November 15, 2005 and ended May 15, 2006. Coverage began January 1, 2006.
Plan changes and enrollments may only happen during open enrollments. Open
enrollments are scheduled to be the last 45 days of each year. The next
open enrollment is November 15 to December 31, 2008. Penalties may
apply to eligible Medicare beneficiaries who do not enroll in Medicare
Part D when they are first eligible. |
