Medicare Part D Costs for 2009As 2008 draws to a close, it is important for Medicare Part D participantsto review their coverage to make sure that it will still cover their health care needs at a cost they can afford in the coming year. Part D (Outpatient Prescription Drug Insurance) covers drugs bought at the pharmacy. There is no Original Medicare option for Part D coverage is available only through private plans, either stand-alone (Part D only) plans or as part of a Medicare private health plan that includes prescription drug coverage. Check you plan's coverage for '09 Each plan has its own list of covered drugs (formulary) with different costs. Part D is optional, but if you do not enroll when you are first eligible, and you do not have other coverage that is considered to be as good as Medicare drug coverage, you may have to pay a premium penalty when you do enroll. You will not, however, have to pay a premium penalty if you qualify for Extra Help federal assistance paying for Part D even if you are doing so after you were first eligible. Finding an affordable plan Part D plan costs change every year and each private plan has different costs, so check with plans in your area to find out what you will pay. With most plans you pay a monthly premium and part of the cost of each prescription (copayments or coinsurance) until total drug costs paid by you and the plan equal $2,700 (for most plans) Then you may have to pay the full cost of your drugs during the coverage gap, or "doughnut hole"). If you spend $4,350 in 2009 in out-of-pocket drug costs, you will then pay no more than 5 percent for each prescription (plus the premium). If your income is very low, you can get Extra Help to pay for most of these costs. For more information To learn more about the costs and coverage under Medicare Parts D, or to find out how to qualify for a Medicare Savings Program, log on to Medicare Interactive Counselor at www.medicareinteractive.org. Medicare Interactive Counselor is a resource provided by the Medicare Rights Center, the largest independent source of health care information and assistance in the United States for people with Medicare. www.medicareinteractive.org |
