QUESTION:

Medicare Part D

Almost every major insurance company is now offering a Medicare Part D prescription drug program. That is great for the consumer because competition drives premiums down and benefits up. Consumers should be aware that all plans are not the same. You should always check formularies to see if your drugs are covered. Some plans offer generics through the coverage gap or "donut hole" as it is frequently called. This os when the total costs of your Rx drugs reaches $2400 until it hits $3850. During this time the plan participant is required to pay 100% of all drug costs. This number could change from year to year since it is regulated by CMS (Center for Medicare/Medicaid services. Some Medicare Part-D plans may be combined with a Medicare Advantage Plan. If this is the case be sure to check the plans Rx formulary and avoid plans with a coinsurance or a percentage.
asked by centurybenefits, 9/24/2007
Categories: Health and Health Care, Aging, Prescription Drug Coverage, Hearing, Caring for Aged Parents, Vision, Reducing Retirement Expenses, Medicaid, Pre Retirement, Budgeting, Doctors, Financial Planning for Retirement, Medicare, Supplemental Medical Insurance, Health Insurance, Long Term Care Insurance, Transitioning to Retirement, Dental, Early Retirement
ANSWERS:
Answered by: centurybenefits, 10/24/07
Overall Rating: Be the first to rate it.

The Medicare Premiums for 2008 have increased slightly. The Medicare Part B premium will be $96.40 per month and those who have income of more than $80,000 for single and 160,000 for a married couple will pay a higher monthly premium. Also the Part D coverage gap will start when total Rx drug costs reach $2510 until your true out-of-pocket costs reach $4050. For additional details contact century benefits group at 800-458-7805.

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