Do you speak Medicare Part D?

Critical Medicare Update: Deadline - December 8th For Drug Plan Decision

This year the Medicare Part D Prescription Drug Plan enrollment period is only 6 weeks! Can you learn the Part D language in such a short time?

42 million seniors and disabled citizens are now eligible to change the plan you have now or enroll for the first time in the new Medicare Part D Prescription Drug Plans.

Seniors have been waiting for help with their prescription drugs for a long time now. First, they must survive the jungle of jargon and confusing options that are making understanding of the new benefit hard to comprehend. Once you get real help to understand, you will see the good savings in store for you!

Seniors ask: Are the drugs I take covered under the plan? What are the actual co-pays for each drug? Will I have a deductible or 'donut hole' coverage? Will I save the most money on my prescriptions?

There has been much criticism, but despite the confusion the $500 billion benefit is worthwhile. One way for seniors to compare plans is by using the Medicare Website, or by calling Medicare 800-633-4227.

You can also go to free consulting services beginning November 15th, 2006 that can help you wade through the different insurance plans with a free cost comparison of premiums and co-pays and enrollment assistance.

There are many websites that will charge seniors up to $39.95 for enrollment services. Please do not pay for these websites when you can get the information you need at no charge.

When you go to a website to get a cross comparison, please bring the medicine bottles you use to the computer with you. If you take a generic drug you must enter in the generic name to get an accurate price comparison. This could save you much more money than if you used the brand name of your generic drug.

I heard an analogy on the new Medicare plan that went something like this:

A group of 10 geniuses locked themselves in a room to design a perfect racehorse. After a few hours they emerged NOT with a racehorse, but a perfect CAMEL!!!

Everyone was critical and disappointed at first ... but came to realize that a camel could be a very “useful” animal once you get over the humps!!

Medicare Part D Benefit Design for 2007

• Monthly Fee (approximately $37/month)
  
• $265 annual deductible
  
• After drug spending of $265, the beneficiary (YOU) will be responsible for 25% of drug costs until they reach $2,400 in drug spending. Gov. pays 75%.
  
• After reaching $2,400, the beneficiary (YOU) will be responsible for 100% of drug costs until they reach $3,850 out-of-pocket costs, – this is the coverage gap or “donut hole”.
  
• After spending $3,850 out of pocket, the beneficiary (YOU) is responsible for only 5% of the drug costs. Gov. pays 95%

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