The cost of prescription medication is beyond a level of affordability for many U.S. residents. The federal government noticed this trend many years ago and in 2006 Medicare Part D was implemented to help solve the problem. Medicare Part D deals only with prescription medications.
Part D is not a free program for most members and carries premiums and other out-of-pocket expenses. Part D is also sold on the free market through private insurance companies that are regulated by the U.S. federal government for quality control and pricing fairness.
However, in many states, if you opt for the Medicare Advantage plan, Part D is already included in this and you do not have to sign up for Part D separately. This only applies to a PPO plan, and not an HMO or other type of plan.
How much does Medicare Part D cost each month? The answer is dependent on quite a few factors.
The cost of Medicare Part D plans varies based on your income level, qualified disabilities, private insurance company policies and the state where you live.
Prices are also affected by the type and class of medicine purchased/covered and the pharmacy selling the medicine.
Medicare Part D is made available during specified enrollment periods each year. Members are charged twenty-five percent of all prescription costs after an initial $4,020 in medications are purchased/covered each year.
Medicare Part D now also offers reduced-cost insulin prescriptions for as low as $35 per day. Limited conditions apply. Consult the Medicare.gov website for more information.