If you are about to turn 65, you have no doubt already signed up for Medicare or at least read the application information. So the first question to ask is whether you should get Medicare supplement plan and prescription drug coverage from Part D or if you should enter a Medicare Advantage plan. For the purposes of this article, suppose you already have your Medicare part D plans settings. So the next question is, what now? Medicare was easy, mainly because there is only one place where you can get it, namely the federal government. However, once you have your Medicare, you only have one third of the way. Medicare covers 80% of your hospital and medical expenses, but there are still two other health insurance plans needed.
In addition to the premium and copayment adjustments, we have noticed a significant change in the Part D program. This year, many companies are no longer stopping the mail order for Level 3 drugs. As many of you know, during the last two years, you can receive medication for three months for a two month co-payment if you do so in the mail. You can still do this for Tier 1 and 2 drugs, but not for Tier 3 in all companies. To make matters worse, Kaiser Family Health reports that drug manufacturers have raised their drug prices in an attempt to collect what Medicare will pay. Consequently, Medicare simply refused to include covered drugs in the first two years. The bottom line is that you don’t change your drug coverage just because someone talks about buying a single cheaper drug.
Financial aid to people of modest means
The Social Security Administration has a program available to qualified people, called Extra Help. Extra Help can save people who qualify for up to $ 3900 a year. Extra Help can help you with premiums, deductibles, and co-payments associated with a Medicare prescription drug plan. To qualify for Extra Aid, a person must be enrolled in a Part D prescription drug plan by 2010; Resources should be limited to $ 12,510 for an individual or $ 25,010 for a couple. Resources would include things like bank accounts, stocks, bonds and mutual funds. Homes, cars, life insurance cash, and money received from family or others to pay for household expenses do not count as resources. Some people with higher annual incomes may qualify for the Extra Help program. To ask if you qualify, contact the Social Security Administration or visit your local Social Security office.