Medicare Prescription Drug Plans benefit from Healthcare Reform
Medicare Advantage Plans that include prescription drug coverage and stand alone Medicare prescription drug plans will provide better coverage for Seniors as the donut hole will likely be cut to only $500 in 2010. This will be a huge benefit to Seniors as many are burdened by the high out of pocket costs associated with prescription drugs. As a result, Medicare insurance beneficiaries who take many high priced prescription drugs will save thousands of dollars over the course of the year.
Every year Medicare Advantage Plans and prescription drug plans change their benefits as well as the list of drugs they will cover. Therefore it is extremely important to choose wisely during the open enrollment period to make sure your drugs are covered and your out of pocket costs are low. This year premiums for Medicare prescription drug plans have increased and copayments for many drugs have increased as well. The financial burden caused by these higher costs will hopefully be offset by the new healthcare reform bill as the donut hole will be cut in 2010 and will eventually be eliminated by 2019.
It is important to note you can change your prescription drug plan until March 31st, 2010. However, during this period you cannot purchase a plan if you do not already have one and you cannot drop a plan without purchasing a new one. Please consult the experts at Medicare Supplement Shop if you would like to review your plan or discuss the changes associated with the new Healthcare reform and how it will affect Medicare beneficiaries