Prescriptions

Should I Change my Medicare Prescription Plan?

by Doug Benson October 9, 2013
Prescriptions

Review and Compare your Medicare Prescription Plan Every Year Should you change your medicare prescription plan? The correct question to ask is “When should I review my Medicare Prescription Plan?” And the answer to that question is “Every Year.” If you have a Medicare Prescription Plan (also known as a Medicare Part-D plan) you have […]

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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 expenses  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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What is the Donut Hole, Gap, Coverage Gap

by Doug Benson November 10, 2010

Also Known As The Gap, Coverage Gap, and several four-letter words 🙂 Donut Hole, Coverage Gap, The Gap – Most Part-D plans have a coverage gap, which is usually referred to as the “donut hole.” This is a confusing aspect to the Part-D plans that many people have never had explained properly. How does the […]

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Brand Name Prescriptions

by Doug Benson November 10, 2010

With regard to Medicare Part D Plans, brand named prescriptions are usually covered under Tier 2 or 3 of Medicare Part D plans. The retail costs of brand named prescriptions is higher than those of generic prescriptions, so the associated co-pays for brand named prescriptions are higher. Brand-name drugs generally have patent protection for 20 […]

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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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