Medicare Part D prescription drug plans

The federal government expanded Medicare coverage with the launch of the Medicare Part D program in January 2006. This program allows seniors to get the prescriptions they need, when they need them with the assistance of an insurance program that in a big way lessens the annual costs for drugs.

The Medicare prescription drug coverage can be offered by way of a “stand-alone” Medicare Part D plan or a Medicare Advantage plan that comprises prescription coverage. Those who join a Medicare Part D prescription drug plan need to pay a monthly premium which may range from only a few dollars up to over 100 dollars. Medicare Advantage plan, offers a $0 premium. Monthly premiums may differ depending on the benefits of the preferred Medicare Part D plan or Medicare Advantage plan and the resident state of the concerned person.

Each Medicare prescription drug plan has a list of prescription drugs that are covered by the plan. Drug lists can differ greatly from one prescription drug plan to the next. Thus it is very important to ascertain that your medications are covered by your chosen Medicare prescription drug plan.

As per the Medicare Part D plan after the preliminary deductible, one is required to pay a certain part of the prescription costs and the Medicare prescription drug plan will pay a portion of the drug costs. Thus the plan’s cost-sharing also termed as co-payments or co-insurance varies depending on the particular drug plan one selects.

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