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Understanding medicare part d plans pdf

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One of the most confusing aspects of Medicare is prescription drug coverage, of Medicare Part D. Whichever prescription drug coverage you are selecting, it is important that you understand how …

One of the most confusing aspects of Medicare is prescription drug coverage, of Medicare Part D. Whichever prescription drug coverage you are selecting, it is important that you understand how Medicare Part D works.

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  1. Understanding Medicare Part D PlansOne of the most confusing aspects of Medicare is prescription drug coverage, or Medicare Part D.Whether you’re considering Medicare Advantage plans with a prescription drug component or a stand-alone Medicare Part D plan to go with your traditional Medicare Plan, it’s important that you understandhow Medicare Part D works.What is Medicare Part D?Medicare Part D is prescription drug coverage. You can get Part D coverage through a MedicareAdvantage plan or a stand-alone Part D plan.How does Medicare Part D work?The way Medicare drug coverage is structured, you’ll pay a portion of your drug expenses and yourplan will pay the rest, up to a certain point ($2,930 in 2012).After the initial coverage limit is reached, the coverage gap, alsoknown as the donut hole, begins. Historically, people reaching thedonut hole have had to pay 100 percent of the cost of theirprescriptions until they reached what Medicare calls catastrophiccoverage. In 2012, when you’re in the donut hole you’ll get a 50percent discount on brand-name and a 14 percent discount ongeneric drugs until you reach catastrophic coverage. Catastrophiccoverage is reached when your out-of-pocket costs for the yeartotal $4,700.After you’ve reached catastrophic coverage, your plan will startcovering a portion of your drug expenses once more – this timecovering a much larger percentage of the cost (95 percent). Onceyou reach catastrophic coverage, the donut hole ends for the restof the year, but you start all over again with each new year.How do I choose Medicare Part D plan coverage?Not all Medicare plans are created equal. There are severalthings you should look for when selecting a Medicare plan thatincludes prescription drug coverage, whether that coverage is offered by a Medicare Advantage plan ora Medicare Part D plan: 1. Are my drugs covered? 2. Does the plan include restrictions that could prevent me from getting my prescriptions when I need them? 3. What will my annual prescription drug costs look like?Allsup Medicare Advisor can help you answer all these questions and more. For more information onhow Allsup can help you navigate Medicare, call us at (866) 521-7655 or visit www.allsup.com.

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