Medicare Part D

Monday, August 1, 2005

The initial open enrollment period for Medicare Part D is November 15, 2005 through May 15, 2006.  Enrolling is a choice that each person that has Medicare Part A and B recipient can make.  During the second half of 2005, Medicare will be providing a great deal of information to Medicare recipients regarding this coverage.

Medicare Part D has a $250 deductible, then pays 75% of the next $2,000.  At that point the Medicare recipient is responsible for all of the next $2,850.  Once you have personally paid $3,600 ($250 deductible, $500 coinsurance, and $2,850) you pay 5% of additional drug costs and the plan pays 95%.

More generous coverage can be offered by RX drug plans which may have a higher cost.  Insurance companies will be marketing different plans that have at least the benefit mentioned above for you to choose from.  Remember that joining is a choice but the premium may go up if you wait.