Senior Living
Get Informed About Changes To Medicare
By
Sep 9, 2005, 15:37

(NAPSI)-Seniors 65 and older may choose whether to enroll in Medicare Part D, the outpatient prescription drug benefit. Though some seniors may already have a comparable or better private policy, many will find the Part D coverage exactly what the doctor ordered.

Americans age 65 and older will have the option of enrolling in Part D during the initial open enrollment period from November 15, 2005 through May 15, 2006. Seniors who delay enrolling until after the open enrollment period may have to pay a premium penalty for each month their enrollment is delayed.

Under Part D, private companies will provide the outpatient prescription coverage. Enrollees will pay monthly premiums. Approximate costs have been estimated at about $35 a month but the amount may vary depending on the plan and carrier.

The drug plans will also vary. A standard benefit has been described by Medicare but some plans will offer additional coverage. Amount and type of coverage will cause premiums to vary.

The Part D plans will include a list of approved drugs, though an appeals process will allow other drugs to be added in certain circumstances.

Besides the monthly premium, Part D requires that enrollees pay:

• The first $250 of drug costs (the deductible)

• Twenty-five percent of all drug costs between $250 and $2,250

• One hundred percent of all drug costs between $2,250 and $5,100

• Five percent of all drug costs above $5,100 (or a copayment of $2 for covered generics and $5 for covered brand name drugs, whichever is greater).

"Every American senior needs to get informed about how this coverage can help him or her," said Scott Perry, Executive Vice President and COO of Bankers Life and Casualty Company, Chicago. "This is a voluntary program, just like Medicare Part B (doctor and medical expenses), so everyone will look at it differently."

His company offers free information to seniors who phone in their questions about the Part D coverage. To receive a free pamphlet on Part D, please call Bankers at 1-800-664-4488. The information is free and callers may receive a follow up phone call from a Bankers agent.

© Copyright by EveningsNews.com