Paying for prescription drugs can be quite costly, which is why Medicare Part D was created as part of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (also known as the Medicare Modernization Act or MMA). Meant to help subsidize the cost of prescription drugs, Medicare Part D came into effect in 2006. Below is some general information on Medicare Part D and what to expect as a result of some changes in the future.
How Medicare Part D Works
Those who have Medicare Part A and Medicare Part B are eligible for Medicare Part D. There are two options for receiving Medicare Part D benefits. One can choose to enroll in a Medicare Advantage plan with prescription drug coverage, or one can enroll in a Prescription Drug Plan (PDP). Enrollment for Medicare Part D lasts from November 15 through May 15 of the following year.
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Expert Assistance for Medicare Part D Enrollees
It should be noted that unlike Medicare Part A and Medicare Part B, the benefits of Medicare Part D are not uniform from policy to policy. Coverage in your Medicare Part D plan will depend on the specific drugs and types of drugs that are covered by the insurance provider. Because of this, it is important to discuss your prescription drug needs with the experts of Medicare Benefits Direct. Our team will help you find the insurance provider who covers the prescription drugs you require. We will analyze costs in conjunction with your needs.
Changes to Medicare Part D – The Health Care Reform Bill
The Patient Protection and Affordable Care Act (PPACA) was signed into law on March 23, 2010. As expected, the health care form bill will affect Medicare coverage in a few ways. Original Medicare coverage (Part A and Part B) will remain untouched, but there will be some changes to both Medicare Part D and Medicare Advantage.
In the case of Medicare Part D, the changes from PPACA are meant to close the so-called doughnut hole by the year 2020. The doughnut hole refers to the gap in coverage when a person spends more than $2,700 but less than $6,154. Between these two amounts, the person in the doughnut hole must handle all costs out of his or her own pocket.
This year, those who fall into the hole will receive a $250 rebate to assist with payments for prescription drugs. In 2011, those with Medicare Part D will also receive a 50% discount on name brand prescription drugs. Additional discounts will be covered over the next several years.
Contact Medicare Benefits Direct
To learn more about Medicare Plan D as well as issues related to Medigap policies and Medicare supplement insurance plans, contact Medicare Benefits Direct today. We will help you receive the coverage you need at an affordable cost.
