Medicare Part D Coverage Can Be Confusing

So you are supposed to get your prescriptions covered by Medicare Part D.  You’re not sure what it covers or how much it costs and the information isn’t easy to understand.  Here’s a simple rundown about how it works.

Medicare Part D covers prescriptions because they are not covered through the original basic Medicare plan.  There is, however, a premium for this coverage.  It is important for you to check premiums through Medicare and other companies to see who has the best premiums for this coverage that will fit your situation.  Often, companies charge a lot more for the same coverage.  You might pay one amount for coverage with one company and for the exact coverage through another company, you might be stuck paying double or even triple!

Therefore, it is very important to research and ask questions, especially about limits of coverage.  Medicare Part D and the new Medicare Advantage Plan both have limits to them, and depending on how much coverage you purchase vs. how much you need,  you could end up paying $2,500 or more out of your pocket for prescriptions in addition to the premiums for the prescription coverage.  Of course, the plans will cover quite a lot before you get to that point, but it is very important to see how much money they will pay out (total) per year for your prescriptions before you have to start paying out of pocket.

What can happen is that a plan may pay up to $3,000 for your prescriptions for the year (you will choose an amount depending on the plan you choose).  After you reach that amount, you have to start paying for your own prescriptions until the plan picks up again.  If your prescriptions don’t cost that much, you don’t have to worry, but if they do, it is important that you determine how much you will have to pay out including premiums.

To get information, contact Medicare at www.Medicare.gov , or for some good calculator information, AARP has a program online that will help you figure the finances out.  You can also call 1-800-MEDICARE for assistance so you get the coverage you need.