Medicare Part D Cost

Medicare is an excellent federal program which helps individuals to be able to afford their medical expenses. As of 2006, it is possible for you to also get prescription drug coverage underneath your Medicare program. If you are enrolled in Medicare part A or B, you automatically qualify for Medicare part D, which is the prescription drug coverage. What many people are interested in, however, is what the Medicare part D cost is going to be. As with most things when insurance is involved, it is really going to depend upon what kind of coverage you have.

The major Medicare part D cost is going to come in the form of your monthly premium. This is going to vary, depending upon the type of coverage that you have. Along with that, you will also have additional expenses that are accrued throughout the year in the form of an annual deductible and co-pays that may also be included when you fill a prescription. This can amount to quite a bit of out-of-pocket expenses, and it can make it difficult for you to afford your prescriptions, even if you are covered underneath the drug policy.

Many people are able to supplement the Medicare part D cost in some way or another, but only if they qualify for assistance. You need to meet certain financial restrictions that will help you to qualify for this assistance, and it may reduce the amount of out-of-pocket expense that you have on an annual basis down to nothing. It can also lower your premiums, which can help you afford to pay for the insurance in the first place. If you think that you may qualify for this supplementary program, talk to Medicare in order to find out what the restrictions are.

One final thing that you should understand about the Medicare part D cost is that there is going to be a cap on the amount of money that you spend on an annual basis. This is known as catastrophic coverage, and it kicks in when you spend approximately $6500 for prescription medication annually. This figure is a combined figure of your co-pay and the amount that Medicare part D pays for your prescriptions. Once you hit this level, Medicare will begin paying for 95% of all of your prescription medications, which can really help you in such a financial crisis.

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