Medicare Part D is the prescription drug coverage under the Medicare program. This medicare plan can be somewhat complicated. The best source of accurate information about the Medicare “part d” plan is the official government Medicare web site. Medicare, like many government programs, may seem complicated at first but if you take your time you will be able to understand what is going on. Part D is particularly a little bit quirky.
Part D must be purchased from private insurance companies and health maintenance organizations. Coverage in Part D is voluntary. There are many rules regarding when you can sign up for Part D. You might have to pay a fine if you do not enroll in the right time period.
Congress and President Obama passed significant health care reform on March 23, 2010. The law is called The Patient Protection and Affordable Care Act. Health care reform attempted to address the problem with the so called “doughnut hole”. The doughnut hole was a major flaw in this Gov’t program.
Part D will pay 75% of prescription drugs after a deductible is met up to a certain limit. When the limit is reach the patient has to pay one hundred per cent for prescription drugs until another limit is reached. At this point medicare will pay for ninety-five per cent of drugs. These terms are done on an annual basis. Each year the patient is obligated to pay the deductible and the limits are reset.
There are many decisions a senior citizen must make regarding prescript drug insurance protection. There are many options to consider when deciding what type of prescription coverage you need. You must analyze your particular situation and making an informed assessment.
Because of the importance of these decisions, it is suggested that the senior citizen consult with a professional. Your CPA, insurance agent or other trusted professional may give you the financial guidance to assist you in making wise informed decisions. It is your responsibility to educate yourself about Medicare. The more you understand how these important federal programs work the better off you will be.
Social Security and Medicare are wonderful programs that are managed by our federal government. The success of these programs demonstrate that our federal government can have a positive effect on our lives. Although there are problems with Medicare, over time these problems will be addressed. Medicare Part D will be an important program that is helping millions of lives.