Medicare Part D Coverage Gap

Medicare Part D Coverage Gap

Medicare Part D Coverage Gap - For the first time ever, everyone with Medicare, regardless of income, health status, or prescription drug usage, will have
access to prescription drug coverage. This new coverage begins on January 1, 2006. While information is available now and educational sessions are taking place in communities across the country, you can't enroll until November 15 th. By now, you should have received your Medicare & You 2006 handbook which explains in detail what prescription drug coverage means to you and which plans are available in your area.

Medicare Advantage and Prescription Drug Plans have started their advertising across the country.You may want to find out more about some of these options. It might be a good idea to save these materials for review when it gets closer to November 15, 2005.

The Medicare Part D Coverage Gap - begins after you and the plan together have spent $2,400 in total yearly drug costs. At this point you will pay 100% of your discounted prescription drug costs until you reach $3,850 in yearly true out-of-pocket drugs costs. True out-of-pocket costs are your share of the prescription drug costs in a Medicare Part D plan; such as deductibles, copays (If applicable), and the amounts you pay in the coverage gap. It does not include monthly premiums. Once you reach catastrophic coverage, your plan will pay most of your drug costs until the end of the year

Each time you buy a covered prescription drug, two payments are actually being made: the payment you make out of your own pocket, called a copay (also called a copayment ) or coinsurance, and what your plan pays for the drug. All plans provide you with a monthly statement, called an Explanation of Benefits (EOB), to help you keep track of all costs (the plan's and yours), so you always know how close you are to the coverage gap and when you have moved through the coverage gap.

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