Medicare Part D Plan Open Enrollment Every October 15 through December 7th Medicare Part D plans have Open Enrollment. The programs begin on January 1st. Medicare Part D is prescription drug coverage with a formulary of prescription drugs, managed by a plan sponsor. If a person participates in Medicare Part A or Part B, then the Part D enrollment is voluntary. If a person has Medicaid, then they must enroll in a Part D plan, or one will automatically be assigned. Medicaid coverage helps with costs of premiums, deductibles and co-pays. FLORIDA APPROVED PART D PLANS FOR 2019 SilverScript Choice Wellcare Classic Basic Plan for the Average Person Monthly premiums average $32.50 per month Annual deductible is $415.00 Co-pays for prescriptions is 25% up until $3,850 has been paid out of pocket “Donut Hole” – is a gap in prescription coverage Coverage for drugs stops at $3,850 Beneficiary is responsible for 100% of drug costs from $3,850 until $5,100 out of pocket Once the annual cost of drugs reaches $5,100, Medicare Part D pays 95% of costs During Open Enrollment Oct – Dec Letters will be mailed to all “choosers” regarding their status The designated person that choose a plan any year since 2006, will remain the “chooser” and will select a plan for the beneficiary “Once a chooser, always a
Question: Why do drug prices change without any warning, like the EpiPen increase of 400% overnight? Answer: Dramatic drug price increases can be devastating for patients when their insurance denies the drug and they can’t afford to pay out of pocket. The company that sells EpiPen has come under major scrutiny for their decision to jak up their prices, but they have a monopoly on the auto injector epinephrine dosage system. Since there is not other drug to compete they can set the price at $500 for a drug that cost about $1. Price increases can be a result of shortages, but it also can be a business strategy of pharmaceutical companies that acquire old drugs and promptly raise their prices to help their bottom line. Another example is Doxycycline, an antibiotic, that went form $20 a bottle to $1,849. Partner Care Pharmacy will alert our clients when drug prices soar without warning and offer an alternative therapy.
6 ways to lower your coverage gap costs Consider switching to generics or other lower-cost drugs. Talk to your doctor to find out if there are generic or less-expensive brand-name drugs that would work just as well as the ones you’re taking now. You might also be able to save money by using mail-order pharmacies. Find health & drug plans. Choose a plan that offers additional coverage during the gap. There are plans that offer additional coverage during the coverage gap (Medicare prescription drug coverage), like for generic drugs. However, plans with additional gap coverage may charge a higher monthly premium. Check with the drug plan first to see if your drugs would be covered during the gap. Find health & drug plans. Pharmaceutical Assistance Programs. Some pharmaceutical companies offer help for people enrolled in Medicare Part D. Find out whether there’s a Pharmaceutical Assistance Program for the drugs you take. State Pharmaceutical Assistance Programs. Many states and the U.S. Virgin Islands offer help paying drug plan premiums and/or other drug costs. Find out if your state has a State Pharmaceutical Assistance Program. Apply for Extra Help. Medicare and Social Security have a program for people with limited income and resources that helps you pay for your prescription drugs. If you qualify, you could pay no more than $3.30 for each