If you are about to enroll into a 2019 Medicare prescription drug plan for the first time or you are thinking about changing your plan during their open-enrollment period, you will be faced with several number of options, which can be daunting. A nonprofit organization known as The Kaiser Family Foundation, which specializes in health care policies has issued a guide that can guide you through the fundamentals.
The Kaiser Family Foundation’s Medicare Prescription Drug Benefit Fact Sheet for 2017, which is a four-page paper that provides a wealth of detail regrading prescription drug plan and most importantly it explains that acknowledgment on how the plans work can save you money.
Every Medicare beneficiaries will have access to Medicare’s prescription drug benefits, which is known as Medicare Part D that is through private plans, which are approved by the federal government. According to Kaiser, in 2015, a total of 1,001 prescription drug plans will be offered in 34 prescription-drug plan regions across the country.
Translation: Beneficiaries in each state will have to choice at least two dozen stand-alone prescription drug programs, was well as drug benefits, which is offered through private Medicare Advantage plans. The latter will operate like an health maintenance organization program.
Savings: October 15 will mark the start of Medicare’s annual 2019 open enrollment period. For seven weeks, you can switch, drop, add, or change prescription drug plans. Research shows that you can often save money when you switch plans, but many people do not get around to switching plans.
Coverage and Costs: 45% of programs in 2015, will offer basic benefits, and 55% will offer enhanced benefits. Just over half (58%) of prescription drug plans impose deductibles; 44% will charge the full allowed amount of the deductibles and in 2015 it is $320. Part D insurers will offer plans with so-called basic Part D benefits and will also offer plans that have enhanced benefits.
Part D program does include cost-sharing and premiums assistance for those with modest assets and low incomes.
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