Medicare Rates

If you are a Medicare beneficiary, then Medicare Part D Plan may be the program for you. As part of the Medicare Prescription Drug, Improvement, and Modernization Act that became effective on January 1, 2006, the Medicare Part D Plan was created by the Federal Government to assist those individuals in financial need.

There are two types of plans within this program, including a Prescription Drug Plan or a Medicare Advantage Plan. Medicare rates and coverage vary within many different plans that are offered; these plans can differ from state to state. The Prescription Drug Plan provides drug coverage, where as, the Medicare Advantage Plan provides coverage of both medical care and prescription drugs. This coverage varies and in order to know which plan to choose, it is important to research the Medicare rates for the prescriptions you use and your overall health care needs. For example, Medicare Part D Plan offers different coverage in different regions, for example, varying drug coverage or co-pays. But, there are roughly 40-50 different variations to choose from to fit your specific needs.

Enrollment is voluntary, though if you already have Medicaid, you will automatically be enrolled in the most inexpensive Prescription Drug Plan. Those individuals who were enrolled in the Medicare Prescription Plan were rolled over to the Medicare Part D Plan when it became effective in 2006. If you are automatically enrolled but are not happy with your Medicare rates, you can change your plan during specified periods.

You also have the option to apply for low-income subsidy where you can be eligible to get your premium paid for; in order to be granted this subsidy, there are many different factors, like income, that come into play. All drugs must be FDA approved in order to be included under the Medicare Part D Plan.

You can apply for the Medicare Part D Plan now through December 31, 2009. Medicare rates go as follows; the initial deductible is $295.00, the initial coverage limit is $2,700 and the out-of-pocket threshold is $4,350 for 2009. If you do choose to enroll, once committed you can not cancel the plan until November 2010; therefore, be sure to ask questions and make sure the benefits out weigh the costs. Some Medicare Part D Plans offer no deductibles or a $0 deductible so that as soon as you start getting your prescription drugs, you are covered.

The Medicare Part D Plan is a great way to get financial assistance with your prescription drugs. Be sure to research your specific area to get Medicare rates that will fit your needs.  Make sure you are also aware of your financial obligations once you reach the doughnut hole.

Back To Medicare Information Main Page