Colorado Medicare Part D
If you are shopping around to compare the rates and benefits available for the different Medicare plans that you may have noticed that the original Medicare program does not include any prescription drug coverage and neither does the Medigap policies that are currently on the market. Luckily for a reasonable cost you can easily add a Colorado Medicare Part D plan if you decide to obtain your benefits through the original Medicare program.
Why should I purchase a Part D plan?
Even if you do not currently need to take any prescription drugs then you should carefully consider purchasing a Medicare Part D plan. Although it is possible for you opt out now and to add Part D later if you do you will have to pay a much higher amount out of pocket for the coverage due to penalties.
Unfortunately your health is not a stationary object. The fact is that there is really no way for you to know today if you will need to take an expensive prescription medication in the future a Medicare Part D plan can protect you from high costs later.
Remember that each Medicare Part D plan is different so if you already take a particular drug it is a good idea to check the formularies of the different health insurance companies offering these plans to see where your medicine is listed.
How much will it cost?
Most Medicare Part D plans charge a premium, deductible and co-payments when you use the coverage so it is very important for you to carefully consider all quotes so that you know what each plan is likely to cost you each year. If your income is below a certain level and you do not believe that you can afford a Part D plan you may qualify for a lower or zero monthly premium, deductible and co-payment under one of the drug coverage extra help programs. Speak to your Medicare counselor or insurance agent for more information.
What is the "donut hole?"
You may have heard stories about what is called the "donut hole" and are wondering what in the world that is. Unfortunately the Medicare "donut hole" is not a tasty snack it is a hole in coverage that has become a problem for many seniors. Those who find that their drug costs exceed a total of $2840 per year may find themselves in "the hole" which means that they will have to pay 100% of all prescription drugs that cost between $2840 for the year and their total out of pocket maximum.
The good news is that the new health care reform laws are closing this coverage gap. The bad news is that closing it will take 10 years.
Do you need help choosing a Colorado Medicare Part D plan or have questions regarding Medicare? Just call our toll free hotline and we will be glad to discuss your needs and options to help you choose the most affordable options.