Try to imagine the new medical insurance plan from a detached position.
There is an excellent opportunity for seniors sharp enough to see it, and it is available to anyone willing to do a little math. The savings presented in Medicare part d are a little deceiving because at first glance it looks like 75%, when in fact that is only a portion of the overall savings in the formula. Here is a simple way to calculate how to take advantage of the new government medical insurance IF EXPENSES ARE OVER $2250 PER YEAR.
Four things need to be considered.
Start with annual prescription expenses. Figure out how much would be spent on prescriptions if there was no insurance at all. The full retail amount is important for this calculation.
Calculate which month of the year full retail costs reach the “Magic Mark” of $2250. This will expose when the medical insurance stops and full retail costs apply.
For plan costs, add up how much will be spent on the annual deductible and monthly premiums. (in the chosen medical insurance plan) Add $500 to this amount for the 25% not covered by Medicare part d.
Now add the full retail...
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