Medicare Prescription Drug Coverage (Part D)
Relief from high prescription drug costs has arrived for the more than half a million Oklahomans enrolled in Medicare. After 40 years of providing dependable coverage for doctor visits, hospital stays and life-saving surgeries, Medicare now covers new preventative screenings and offers dependable coverage for prescription drugs.
When you enroll for Medicare prescription drug coverage, you’ll lower the cost of the medicine you take every day. Everyone with Medicare is eligible for this coverage, regardless of income and resources, health status or prescription expenses.
Medicare prescription drug coverage is insurance that covers both brand-name and generic prescription drugs at participating pharmacies in your area. A typical person with Medicare and no drug coverage could see total drug costs drop by about 50%.
Medicare’s new prescription drug coverage will also protect you and your family against high prescription costs in the future.
- Medicare prescription drug coverage is insurance
- Private companies provide the coverage
- You are responsible for choosing the drug plan that is best for you
In 2006, most plans will have a premium of about $32 and offer an array of cost-sharing options. Under the standard plan, you pay the first $250 in drug costs each year, and the plan pays 75% of the next $2000. Once you have paid a total of $3600 out of pocket, the standard plan will cover 95% of your costs.
Prescription Drug Cost EstimatorAdditional help is available
If you cannot afford to pay your Medicare premiums and other medical costs, you may be able to get help from your state. States offer programs for people who are entitled to Medicare and have low income. The programs may pay some or all of Medicare’s premiums and also may pay Medicare deductibles and coinsurance. To qualify, you must have Part A (hospital insurance), a limited income, and, in most states, your resources, such as bank accounts, stocks and bonds, must not be more than $4,000 for a single person or $6,000 for a couple.
You must choose a plan to get this coverage, and options differ from state to state.
To talk to a Medicare professional about which plan is right for you, call Medicare Oklahoma at (405)607-0058.