Medicare Prescription Drug Coverage
Medicare prescription drug coverage is insurance that covers both
brand-name and generic prescription drugs at participating pharmacies
in your area.
Who can get Medicare prescription drug coverage?
Medicare in general provides protection for people who have very high drug costs. Everyone with Medicare is eligible for the prescription drug coverage, regardless of
income and resources, health status, or current prescription expenses.
When can I get Medicare prescription drug coverage?
You may sign up from November 15, 2005 to May 15, 2006. If you join by
December 31, 2005, your coverage will start January 1, 2006, and you
won't miss a day of coverage. If you don't sign up when you are first
eligible or by May 15, 2006, you may pay a penalty. Your next
opportunity to enroll is from November 15, 2006 to December 31, 2006.
How does Medicare prescription drug coverage work?
Your decision about Medicare prescription drug coverage depends on the
kind of health care coverage you have now. There are two ways to get
Medicare prescription drug coverage. You can:
Whatever plan you choose, Medicare drug coverage will help you by
covering brand-name and generic drugs at pharmacies that are convenient
for you
Like other insurance, if you join, you will pay a monthly premium,
which varies by plan, and a yearly deductible (no more than $250 in
2006). You will also pay a part of the cost of your prescriptions,
including a copayment or coinsurance. Costs will vary depending on
which drug plan you choose. Some plans may offer more coverage and
additional drugs for a higher monthly premium. If you have limited
income and resources, and you qualify for extra help, you may not have
to pay a premium or deductible.
Click here to be redirected to the Medicare site which provides
information on how plans work, finding plans in your state, and finding
the prescription drug plan that is right for you.
Why should I get Medicare prescription drug coverage?
Medicare prescription drug coverage provides greater peace of mind by
protecting you from unexpected drug expenses. Even if you don't use a
lot of prescription drugs now, you should still consider joining. As we
age, most people need prescription drugs to stay healthy. For most
people, joining now means protecting yourself from unexpected
prescription drug bills in the future.
What if I have a limited income and resources?
There is extra help for people with limited income and resources.
Almost 1 in 3 people with Medicare will qualify for extra help and
Medicare will pay for almost all of their prescription drug costs.
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This article appears courtesy of the US Department of Health and Human Services.