Medicare Part D insurance premiums are reasonable with basic plans and range from
a low of $12 or so, up to about $40 per month.
Most basic plans are sufficient if your annual costs are close to $2,250.
If your annual retail prescription drug expenses are beyond $2,250, then you will
need a more comprehensive Medicare part D supplemental plan.
Discuss your annual prescription costs with your pharmacist to find out what you
would pay if you had "No Insurance".
This is important because basic Medicare Part D coverage is only good up to $2,250
for most medical insurance plans.
Once you spend beyond $2,250 you are into the "Doughnut Hole" with most Medicare
Part D plans and it is at that point your coverage ends.
You continue paying monthly premiums while in the "Doughnut Hole" with Medicare
Part D, but there is "No More Coverage" until you reach the catastrophic area which
is pegged at $5,100.
A growing number of seniors will not reach the catastrophic area in Medicare Part
D and will be stuck paying 100% when they go beyond $2,250 if you choose the wrong
plan. There is some Government assistance available.
Medicare Supplements should be purchased based on price, and service. Coverage on
Medicare Supplements is standardized, only the rates are varied.
The Medicare Supplement policy that you choose during the open enrollment period
may be the most important decision you make for your healthcare retirement needs.
The savings that you thought you had shrinks dramatically the further your prescription
expenses surpass $2,250 in the Part D.
Medicare Part D Plans - Medicare Prescription Plans