Medicare/Medicare Part D
Medicare is a federal government program that provides health care coverage for all eligible individuals age 65 or older or under age 65 with a disability, regardless of income or assets.
Medicare beneficiaries have two options in receiving their Medicare benefits: either through Original Medicare or a Medicare Advantage plan. Out-of-pocket costs vary depending on your plan, coverage and the services you use.
Original Medicare contains what is called Part A (hospital) and Part B (medical) coverage. You can choose to purchase additional insurance such as Medicare supplement insurance (also known as MedSup or Medigap) and Part D prescription drug coverage. Medicare supplement insurance and prescription drug coverage each require a monthly premium in addition to your Part B premium.
Medicare Advantage plans are options approved by Medicare but run by private companies. They are part of the Medicare Program. With Medicare Advantage plans you generally get all your Medicare-covered health care through that plan. Coverage can include prescription drug coverage. You may get extra benefits, such as coverage for vision, hearing, dental, and/or health and wellness programs. You may have to use the plan's doctors and hospitals to get services. You don't need to buy a Medigap policy. These plans may require a monthly premium in addition to your Part B premium.
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Medicare Part D Prescription Drug Costs - The new law gradually closes the prescription drug “doughnut hole” or coverage gap, so consumers will no longer have a period where they have to pay 100 percent of their drug costs. In 2010, people who hit the gap will automatically get a one-time $250 payment. Beginning in 2011, people in the gap will be able to purchase brand-name drugs at half the current price and the gap will be eliminated by 2020. The law also improves the program that reduces drug costs for seniors with limited means and makes it easier to appeal coverage denials.
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Better Preventive Care - Consumers will receive a free annual wellness visit. There will be no out-of-pocket costs under Medicare for preventive benefits, such as cancer and diabetes screenings.