Medicare: Part D 2017 - boomerblasts.net

Medicare: Part D 2017

Medicare Part D 2017

Medicare Part D is Prescription Drug Coverage.

The plans are not offered by Medicare, but by private insurance companies that must meet specific standards.

To Qualify

To qualify, you must participate in Part A and Part B.

Offered by Outside Insurance Companies

Medicare itself does not offer Part D policies. The coverage is provided by Medicare-approved insurance companies. Each company has the right to set prices, premiums, deductibles, co-pays, and decide which medications they cover. The policies must conform to certain standards, but the coverage can vary widely.

How to Find the Right Plan

Medicare provides a Plan Finder on its website that will assist you in finding a company in your area that covers the medications you need. You enter your prescription name, dosage, and frequency. You will then get a list of companies and the cost of the premium, deductible, and co-pay required.

The Cost

The cost of Part D will vary depending on your past income and how much coverage you decide to purchase.  There are plans as low as $12 per month and up to $300 per month. The maximum deductible is $360. Once your deductible is met, plans pay 75% of the cost of your prescription drugs until you reach the donut hole.

The Donut Hole

  • Once you and your insurance company have paid a combined amount of $3,700 for covered drugs during 2017, you enter the donut hole and the percentage of your coverage decreases.
  • Once in the donut hole, your coverage decreases until you reach an out-of-pocket amount of $4,950.
  • Once you reach $4,950, you enter the catastrophic coverage phase. Here the amount you pay goes down to a small percentage, about 6% – or about a $6.60 co-pay – for your prescriptions.

Medicare Prescription Drug Coverage is a great asset for senior citizens who so often have need for many medications to ensure they maintain their health and quality of life.

If you found value in this post, please share it with your family and friends and on your social media sites. They might benefit too.

 

 

Leave a Reply 0 comments

 

Get your free copy of The Ultimate Social Security Retirement Cheat Sheet


Tips for Social Security