ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Medicare Part D Insurance And Seniors

Updated on July 1, 2012

How It Works

Anyone receiving Medicare is eligible to enroll in a Medicare Part D drug plan. Enrollment isn’t mandatory but, like any type of insurance policy, it can come in handy for anyone taking expensive prescription medications. The first opportunity that Medicare beneficiaries have to enroll in a Medicare Part D plan is when they turn 65. After that, there is an open enrollment period every year from November 15 through December 31. Enrollment can be deferred for anyone who has coverage through another source but, if not, a penalty may be assessed for late enrollment. After signing up for a plan, seniors pay about 25% of the cost of their drugs and the insurance company pays the remaining 75%.

Changes To Part D

The biggest change to Medicare Part D is the planned disappearance of the “donut hole” or coverage gap. The donut hole occurs when the total cost of prescription drugs reaches a certain amount and insurance coverage stops. In 2010, that amount is $2,830. The recent health care legislation has begun a process to close the donut hole, starting with a $250 rebate that will be mailed to anyone entering the donut hole in 2010. In 2011, the cost of branded medications in the donut hole will be subsidized by 50%. Changes will continue until 2020, when there will no longer be a coverage gap. At that point, various subsidies will mean that beneficiaries pay 25% of their drug costs, as they do with full coverage.

Advantages of Medicare Part D

Choosing A Medicare Part D Plan

Most states have dozens of different Medicare Part D plans available to residents on Medicare, each sold by a private insurance company. Plans have a formulary, which is the list of drugs covered, and the costs of the plans vary, as well. The simplest way to choose a plan is by using the prescription drug plan finder that can be found at the Medicare.gov website. This tool allows users to enter their prescription medications, including details like dosage. The result is a list of drug plans with specific information on the monthly premium of plans, deductibles and drug costs. The tool also will also tell users if and when to expect to enter the donut hole and what the cost implications will be.

 

Comments

Submit a Comment

  • 2besure profile image

    Pamela Lipscomb 

    7 years ago from Charlotte, North Carolina

    Medicare can be very confusing and is constantly changing. Thank for the updates.

  • pmccray profile image

    pmccray 

    8 years ago from Utah

    I'm bookmarking for future use, excellent information.

  • 2besure profile image

    Pamela Lipscomb 

    8 years ago from Charlotte, North Carolina

    I vaguely remember this from when I sold insurance. This is very important information to give seniors. Plans can be confusing.

  • CYBERSUPE profile image

    CYBERSUPE 

    8 years ago from MALVERN, PENNSYLVANIA, U.S.A.

    Excellent and very informative article (Hub). I am enrolled in Medicare Part D and made a mistake on enrollment and am now paying the penelty. Your hub will be very helpful to those ready for Part D or perhaps someone close to a person eligible to partake of Medicare Part D. Thanks

working

This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

Show Details
Necessary
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Features
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Marketing
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Statistics
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)