Medicare Part D
The new Medicare prescription drug benefit, Medicare Part D (sometimes called MedicareRx), will begin paying benefits on January 1, 2006. Participation in Medicare Part D is voluntary. Eligible Medicare beneficiaries should begin gathering information now so they are able to make informed decisions about whether or not they should participate in this new benefit.
Many Medicare eligible persons carry Medicare Supplement insurance to fill in the coverage gaps in traditional Medicare Parts A and B. Medicare Part D will have several effects on Medicare Supplement policies.
Prior to January 1, 2006, Medicare Supplement policies are required to cover usual and customary expenses for the treatment of diabetes. After December 31, 2005, Medicare Supplement policies will only be required to cover non-prescription insulin, equipment and supplies associated with the treatment of diabetes.
Medicare Supplement policies sold prior to January 1, 2006, were required to cover 80% of the charges for outpatient prescription drugs after a deductible of $6,250. Medicare Supplement policies sold after December 31, 2005, will no longer be required to provide this coverage.
Top Medicare Prescription Plans include: AARP MedicareRx Plan, AdvantraRX, Blue MedicareRx, Aetna Medicare Rx
The top Health Insurance carriers that offer Medicare supplements include Blue Cross Blue Shield, and AARP