How Medicare Part D Helps You Pay For Your Mediation

The prescription drug plan sponsored by Medicare is called Medicare Part D. This plan helps senior citizens pay for their medication. There are strict rules stipulating when a senior can enroll in Part D. If you enroll late you may have to pay fine or late fee. You can read about Part D on the official government Medicare web site. Some people find the Part D drug prescription program difficult to understand. Medicare Part D is an important issue that senior citizens ought to be knowledgeable about.

Medicare part d insurance can only be bought from an insurance company or an health maintenance organization. Participation in Part D is strictly voluntary. There are many decisions to make in selecting a part d policy.

In March 23 of 2010, The Patient Protection and Affordable Care Act was enacted into law after a lengthy debate. This health care reform legislation takes some step to alleviate the problem of the Part D "doughnut hole". The doughnut hole is a major problem with the Part D prescription plan under Medicare.

After paying a $310 deductible, Part D coverage will pay 75% of prescription drugs until the total cost of prescription drugs reaches $2,830. At this point, you must pay 100% of the costs until your total cost out of pocket reaches $4,550. This period is called the doughnut hole. After $4,550 out-of-pocket expenses medicare will pay for 95% of the cost of your expenses. This is all done on an annual basis. Every year the deductible and your out-of-pocket total starts back at zero.

Selecting a Part D plan is a major decision a senior citizen must make. There are many aspects to consider with several options to be weighed when selecting any plan under Medicare. This is not a decision to be taken lightly, a health care expert is advised

Many experts recommend using a financial planner or some other qualified professional to help you choose a good Part D plan. You might want to talk to the health care providers you are currently using. If you have Medicare supplemental insurance, the company that sold you that plan may have a Part D plan that will coordinate with your current coverage.

Medicare, Medicare Part D and Social Security are excellent programs sponsored by the federal government. The success and popularity of these great programs are one example of the positive effect that democratic government can have on people's lives. No program is perfect but Medicare is always being improved and should serve our seniors well into the future.