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Drug Coverage Information |
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Medicare Part D
 Medicare Part D Prescription drug plans have been in force since January 1, 2006, and the current coverage period begins January 1, 2008. Part D prescription plans are a resource for senior citizens without another form of prescription drug coverage. Part D can help people with high drug costs and offer protection if drug costs rise, or if you unexpectedly need a prescription.
The Annual Enrollment period for Medicare Part D runs from November 15 to December 31 each year, at this time you may enroll in a new plan to be effective January 1st of the following year. For those newly eligible for Medicare, you can join a Medicare drug plan from three months before you enroll in Medicare Part B to three months after your enroll in Medicare Part B (called your Initial Enrollment Period), otherwise you may receive a penalty for signing up after your initial enrollment period.
A general overview of Medicare Part D for 2009:
- $295 deductible
- You will pay a co-pay and your plan pays its share for each covered drug until what they pay (plus the $295 deductible) reaches $2700.
- You will pay 100% of the next $1650.00(until the total spent is $4350.00)
- After you reach $4350 in total drug spending, you will pay either a 5% co-pay or $2.40 or $6 coinsurance.
NOTE: These costs are Medicare's guidelines for coverage in 2009. Any Part D plan offered must provide the actuarial equivalent or better in order to gain approval as a prescription drug plan.
Assistance for Low Income Medicare Beneficiaries
There is additional help for seniors with low incomes and limited assets. People on Medicare who fall below the income limit will get help paying for their Medicare drug plan's monthly premium, yearly deductible, and prescription co-payments. In most cases, if you get extra help, you won't pay a premium, nor will you have a coverage gap.
2009 Yearly Income and Resource Limits to Qualify for Extra Help
Single
Income: Less than $15,600 Resources: Less than $11,990
Married (living with spouse)
Income: Less than $21,000 Resources: Less than $23,970
Lower income Medicare beneficiaries can find assistance with prescription drugs by calling: (888) 4PPA-NOW (477-2669 ) or by visiting the program's web site at www.pparx.org.
Information for this article was obtained from the Medicare Website. For more detailed information visit www.Medicare.gov.
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