A Step-by-Step Guide to Medicare Part Ds Prescription Drug Plan
By May 15 of this year, if you havent signed up for the program, you could end up without drug coverage, or have to pay the penalty for applying after the deadline. The penalty is a 1% increase in your premium for each month after May 2006 in which you dont enroll.
The following is a step-by-step guide designed to get down to the basics of Medicare Part D, cut through the jargon, and tells you exactly what you need to know.
Step #1: Eligibility. Are you eligible for Medicares new prescription drug plan? Simply put, if you are eligible for Medicare Part A or Part B, you are eligible for Part D.
Step #2: Cost. What will Medicare Part D cost you? For drug expenses in the range of $0-$250, you pay 100% of the cost. When and if your costs fall between $250-$2,250, the plan pays for 75%, and you pay for 25%.
At this point, the infamous coverage gap, often referred to as the “donut hole,” comes into play. Essentially, if your total drug costs, which include what you and the plan pay for prescriptions, exceed $2,250 per year, you pay 100% of your drug costs after that point...
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