This year, Medicare opened registration for selection of your medicare part d plan a full month earlier than in previous years (typically November 15th, this year opened on October 15th). This was done in an effort to give more time to make choices, and have those choices implemented by the start of the new year. But buyer beware, picking the wrong Part-D plan could cost you hundreds or even thousands of dollars in unnecessary expenses. It is important to do your research aside from what your insurance agent is selling you. One such tool can be found at Medicare.gov or through our services at Rx Savings Solutions. We realize the task of picking a Part-D plan can be an intimidating process. The plan that is best for your spouse or a friend, likely isn’t the best plan for you. And … Continue reading
Part D Medicare Plans
It’s that time of the year again, Medicare Part-D Open Enrollment! Starting tomorrow, November 15th, enrollment in a Medicare Part-D Plan for the 2011 year will be open and available until December 31st, 2010. Using the Medicare Part-D Plan finder is a great way to assess your current coverage, and make potentially less costly choices in your drug regimen (along with Rx Savings and your doctor), for next year. Although the enrollment period is open for 6 weeks, we suggest doing your homework and registering before Thanksgiving. We suggest this for several reasons, one being the distractions of a busy time throughout the Holiday Season from the end of November until January 1st. The other, and maybe more applicable one, the government and corresponding insurance companies move rather slowly…..in some cases very slowly. You can use the government plan finder … Continue reading
From Consumer Reports: Question When I filled out the Medicare prescription compare plan, I miscalculated my husband’s insulin prescription. Consequently, we reached the doughnut hole within five weeks. In 2011, we are told that we will be paying 50 percent less on name-brand drugs while in the doughnut hole. Will the full price of the drugs be deducted from $4,550 that the feds require us to pay? Or, will it just be our 50 percent share, meaning we’ll still end up paying $4,550 in the long run? Answer Good news for you—it’s the former. Here’s an explanation from our go-to experts at the Medicare Rights Center. The 50 percent discount for brand-name drugs that will be applied beginning in 2011 will effectively shrink the $4,550 doughnut hole for you. Both what you pay out of pocket AND the 50 percent discount … Continue reading
It is no doubt that over the last week or two, you’ve read articles, watched t.v., or listened to the radio where Healthcare Reform was the main topic. No matter what side of the fence your on, the bill has passed, and so it is important to understand how it will affect you over the coming years. This week, we’ll take a look at how Medicare Part D or Medicare Prescription Drug Coverage will be affected. Here is the breakdown: In 2010, Medicare Part D participants who reach the coverage gap (otherwise known as the doughnut hole) will receive a $250 rebate In 2011, Medicare Part D individuals who reach the coverage gap will receive a 50% discount on brand name drugs, but not until they reach the coverage gap. Brand name drugs will be subsidized slightly more each year … Continue reading
It’s that time of year again, the holiday season is upon us and there is much to do. If you’re over age 65 or know someone who is, remember that it is also that time of year to pick a Medicare Part-D Plan for your prescription drug benefits for 2010! Picking a plan is complex process, with considerations including monthly premiums, brand and generic copayments, and protecting against falling in to the dreaded coverage gap, otherwise known as the doughnut hole. In 2007, 25% of people enrolled in Medicare Part-D plans fell into the doughnut hole and were responsible for 100% of the money for their prescription drugs out of pocket. This amount in 2010 could be as much as $4,550! Coupled with this are insurance ads and sales pitches from brokers that can further cloud the picture. Instead, try using … Continue reading
