Changes Coming to Medicare Part D

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Changes Coming to Medicare Part D

by Valerie on October 4, 2011

Medicare Part D

If you’re already relying on Medicare insurance and Medicare supplement insurance (Medigap policies) or if you’re approaching a point where you will be relying those forms of coverage, there are some important changes coming to Medicare Part D (the part that applies to prescription drugs) that you need to know about. Things are happening fast—these changes are set to occur in October, so it’s important that you stay informed.

Important changes are coming to Medicare Part D (prescription drug coverage) and will start taking place this October. One of the most important are the new dates for the Part D “Open Enrollment Period.” This new period (traditionally Nov. 15 until Dec. 31) are now Oct. 15 through Dec. 7. This is the time when individuals can change your Medicare Part D plans for 2012, enroll in a Part D plan or drop coverage. Choices made during the open enrollment will go into effect Jan. 1, 2012. Each year Medicare Beneficiaries may change their Part D coverage, although it may only be changed during this time period.

As the article implies, this is a key change, and it’s important that you or your loved ones are aware of the new dates. Make sure you pass on the information.

Medicare Part D remains a crucial portion of Medicare coverage, because so many seniors rely on it for prescription coverage, which as we all know, can represent a large portion of our overall healthcare needs. Along with these October changes, changes are also planned for 2012, and these will directly affect the amount of money you spend on prescriptions as well as the options you have:

“Once again you will pay 50 percent for brand name drugs covered by the plan, but your cost for generic drugs will be reduced from 93 percent to 86 percent. Each year these costs will drop until the doughnut hole is closed.”

In order to be prepared for the approaching changes and those coming in the future, visit the Medicare Website Medicare Prescription Drug Coverage (Part D) for a detailed look at everything the plan provides.

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