Friday, December 15

Medicare $250 Part D Prescription Drug Rebate

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The government will provide these checks to seniors who have gotten to the donut hole in their drug coverage. The checks will start to go out in July and you can expect to receive yours within 45 days of getting to the donut hole in your benefits.

Part D is the Medicare prescription drug benefits plan where eligible Americans purchase a prescription drug plan from a private insurance company. Each company has several different plans to choose from at different monthly rates. If you are taking several medications, you can save a lot of money on some of these plans. Generally these plans cover benefits with a copayment for generic drugs and name brand drugs. The generics are covered for the entire time, but if people are on name brand drugs, their benefits stop after they have gotten benefits for the year. They start again, but that period is called the donut hole.

This is the solution for the prescription drug donut hole. Usually the hole is about $250. So you can see that before this rebate, there may have been a time where seniors have to pay a monthly premium and still have to pay for their prescription drugs out of their pockets.

These rebates are sent directly to the Medicare recipient and are tax free. If you want more information you can find out at medicare.gov. If you want to get a prescription drug program, you can call 1-800-MEDICARE and tell them your medications. They will be able to tell you every plan available to you and the advantages and disadvantages of each one. They can estimate annual costs for each of the plans at no cost to you. It may take some time on hold, but it is a good service.

Just be aware that this year because of the Affordable Care Act, Medicare recipients should expect to get a $250 rebate check when they reach the donut hole in their prescription drug coverage.

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