As the annual Medicare coverage period (AEP) is fast approaching (10/15/2011 - 12/07/2011), the elderly must again go through the process of comparing Medicare Part D plans and choosing the plan that best suits their needs for 2012. This process of comparing plans can be painful and stressful for older people who will spend countless hours on the phone with Part D insurance companies and on the Internet review of the benefits of the plan.
This year, the dates of the annual registration period have changed as a result of the Patient Protection and Accessibility Act. Dates of the AEP in the previous year were from 11/15 to 12/31.
In 2012, part D franchise increases to $ 320 from $ 310 in 2011. The original coverage limit is increased from $ 2,840 to $ 2,930 in 2012. When you reach the total drug cost of $ 2,930, you have reached the level of coverage or the donut hole. During the Coverage Coverage, you will receive a 50% discount on medicinal products with a brand name. For generic drugs, you will receive a 14% discount. The discount on generic drugs was 7% in 2011.
The Out-of-Pocket Threshold is $ 4,700. In 2011, this amount was $ 4,550. If you spend $ 4,700 from your pocket, you will reach the Catastrophic stage. During the Catastrophic stage, co-payments amount to $ 2.60 for generic drugs and $ 6.50 for all other drugs. If generic drugs have a retail price of $ 52 or more, you will pay 5% of the cost. If the trademark has a retail price of $ 130 or more, you will pay 5% of the cost.
It is very important that you analyze your current plans for the coming year. The first thing you need to do is to check if your prescription drugs will be covered. You should also check the premium for the plan and payment for drugs.
Your current plan will send you a yearly change notice describing changes to your 2012 plan. It is very important to review the changes. Remember that after December 7th you will not be able to change the plans of Part D for the coming year.
Medicare marketing season starts on 10/1/2011. This is when all insurance companies offering Part D plans can start selling their plans. Starting from 10/1, you can go to the site of each plan and see the benefits, or you can name the question plans for the plan.
