Part-D

When can I change my medicare plan?

by Doug Benson April 26, 2013

The answer to “When you can change your plan” depends on which Medicare Insurance Plan you are talking about. Here are the three most common: Traditional Medicare Supplement – If you have a traditional Medicare supplement plan such as a plan F, G, etc. then you can change plans any time during the year, provided […]

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What is Creditable Coverage?

by Doug Benson January 14, 2013

Medicare Creditable Coverage is a term you will likely hear only when you are turning 65 and/or joining Medicare and selecting a Medicare Prescription Plan the first time. While Medicare Prescription Plans are optional, Medicare wants everyone who is eligible to get a plan. Like most insurance plans, the more people who have it, the […]

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2013 Medicare Part-D Benefits

by Doug Benson September 1, 2012

For 2013 the figures below are the key dollar thresholds for the Medicare Part-D plans. Part-D Deductible – $325 Part-D Initial Coverage Limit – $2,970 Part-D Out-of-Pocket Threshold – $4,750 The “standard” medicare part-d plan definition includes a $325 deductible. Some plans pay that deductible for you. However, don’t let the absence of a deductible […]

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What are Out of Pocket expenses?

by Doug Benson May 10, 2011

Out-of-pocket expenses are the expenses that YOU pay out of your pocket. Out-of-pocket expensesĀ  include premiums, deductibles and co-pays. Generally this term is used when describing Medicare Advantage plans or Prescription Drug plans.

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What is Extra Help?

by Doug Benson March 10, 2011

Extra Help is a program to help people with limited income and resources pay for their prescription drugs. It is also known as the “Low-income subsidy” or LIS. There is a page of requirements in your Medicare and You book. The income and resource limits change every year. The 2012 yearly income limit for an […]

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Medicare Generic Prescriptions

by Doug Benson November 10, 2010

According to the FDA, A generic drug is a copy of a brand name drug in dosage, safety, strength, how it is taken, quality, performance and intended use. The FDA requires that all drugs be safe and effective. Since generics use the same active ingredients and are shown to work the same way in the […]

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Medicare Part-D Deductible

by Doug Benson October 10, 2010

Medicare has included a deductible as part of it’s “standard” part-d plan definition. The amount of the deductible generally changes each year. You must pay 100% of your prescription costs until you satisfy the part-d deductible. Some part-d plans cover part or all of the standard deductible for you.

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Medicare Part-D Formulary

by Doug Benson October 10, 2010

This is the list of drugs that must be covered by all Part-D plans. This list is called the “Standard” formulary. Generally, each year the standard formula is modified. New drugs are added, sometimes some are removed. All companies who offer Medicare Part-D plans must include every drug in the standard formulary. Plans can offer […]

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Medicare Part-D Initial Coverage Limit

by Doug Benson October 10, 2010

After you pay the Medicare Part-D deductible, you enter the Medicare Part-D Initial Coverage Period. While you are in the initial coverage period you will pay approximately 25 percent of your drug costs and the Part D plan pays approximately 75 percent. The next threshold is the Initial Coverage Limit. Like the deductible, this number […]

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