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There are strict guidelines when it comes to prescription drug insurance for seniors related to the Medicare plans available. There are certain times when a person may enroll and then the enrollment cannot be changed until the following year. The main issue for seniors is that there is a “doughnut hole” between what Medicare will pay and what prescription drugs actually cost. This is also affected by one’s income, something that makes it even more difficult as the prices of prescriptions – particularly multiple prescriptions – far exceed allowances made by Medicare D. So what are the options?
Prescription Drugs Insurance Rebates
The main thing that will help, according to Senior Law, is the prescription drug rebate. On March 15, seniors will start to receive a $250 rebate for those that read the Part D (donut hole) gap coverage in 2010. This program forms part of the Health Care Reform Provisions, when the Health Care and Education Reconciliation Act of 2010 was passed by Congress. The rebate will surely help seniors defray some of the cost of prescriptions drugs list medications. Each person is eligible to receive only one rebate.
The Senior Law website states that “For prescriptions filled in the coverage gap, there will be federal subsidies. For generic drugs the phase in will begin in 2011 and rise to 75% by 2020. For brand name drugs the phase in will begin in 2013 and rise to 25% by 2020. Pharmaceutical manufacturers will be required to provide a 50% discount on brand named drugs in the coverage gap beginning in 2011.”
As always, seniors should be aware of what Medicare provides before buying additional prescription drug insurance.