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Medicare 2010
 

Medicare 2010

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Cohen Oalican discuss the New Health Care Law and it's affects on prescriptions in the coming years.

Cohen Oalican discuss the New Health Care Law and it's affects on prescriptions in the coming years.

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    Medicare 2010 Medicare 2010 Presentation Transcript

    • Does the new health care law have any provisions to deal with the coverage gap in prescription drugs? Boston Elder Law Attorneys Specializing in Medicaid Planning Cohen & Oalican, LLC 617-263-1035- Boston 508-821-5599 – Raynham 978-749-0008 - Andover
    • Medicare’s drug coverage
      • Medicare’s drug coverage was inadequate for approximately 8 million people in 2007.
    • Medicare's Drug Coverage
      • Most Medicare plans have a prescription drug coverage gap or “donut hole” , which forces you seniors to pay out of pocket for your prescription medicines to a certain limit before the plan will begin to cover medication costs.
    • Medicare’s Drug Coverage
      • Coinsurance, private payments and annual deductible amounts are all taken into account for each plan’s limit within the coverage gap, however, even these high costs do not always translate to cost savings for many Medicare recipients.
    • 2010: Coverage Gap Rebate of $250
      • In March, the President signed a new health care law, which offers discounts and savings for seniors during the coverage gap period.
      • The rebate is designed to assist Medicare recipients with prescription drug costs while in the donut hole.
    • 2010: Coverage Gap Rebate of $250
      • Here’s how it works—Beginning in 2010, Medicare will send you a check for $250 as a one-time payment, three months after the end of the quarterly period when you reached your prescription drug coverage limit.
      • It is important to note that the coverage gap rebate only applies to Medicare recipients who are eligible for the drug coverage and are not currently receiving assistance from another source.
    • 2010: Coverage Gap Rebate of $250
      • Seniors should also be advised that no personal information has to be provided to receive the rebate check, like the number of your bank account, your Social Security number or your Medicare information.
      • If you are contacted by regarding the rebate payment who asks for personal information, please do not divulge any essential or pertinent facts about yourself.
    • 2010: Coverage Gap Rebate of $250
      • For more information about the coverage gap rebate check, call the designated location dealing with your particular plan.
    • 2011: 50% Discount on Brand Medicine, 7% on Generic Drugs
      • Each year, extra savings will be added for Medicare recipients in the coverage gap until the gap is finally closed in 2020.
      • For 2011, the new health care law also provides a 50% discount on branded medicines and a 7% discount on generic drugs.
    • If you have further questions please contact, Cohen & Oalican LLP, elderlaw attorneys in Boston, Andover and Raynham.
      • Boston Elder Law Attorneys
      • Specializing in Medicaid Planning
      • Cohen & Oalican, LLC
      • 617-263-1035- Boston
      • 508-821-5599 – Raynham
      • 978-749-0008 - Andover