Summary of Medicare Part D Benefits For 2018 Pt 2
Deductible: In 2018, no Medicare prescription drug policy can have a deductible of more than $405. However, the actual deductible depends on the policy you have chosen. Many policies have a deductible and, generally, you pay all the costs of your medications up to that amount. Some policies do not have a deductible (so-called $0 deductibles), but these policies may have higher premiums and/or co payments and higher coinsurance amounts. Find out how plans for blue cross blue shield advantage can save you money.
Initial Insurance Stage: Once you have reached the Deductible Amount, you will pay a coinsurance or coinsurance in the first phase of insurance until the total cost of the prescription drugs (including the amounts you paid and the amounts paid by your plan) reaches the deficit, 2018 at 3,750 USD. The Medicare Part D insurance gap is also known as the “uninsured period.” Not all policies have an insurance gap or a period without insurance.
Deficit: if a policy has a deficit, it will start when you leave the initial insurance period and end when you spend $ 5,000 on the allocation in 2018. When you reach the 2018 gap, you usually pay 35% of the cost of your prescription brand policy and 44% of the cost of your insured generic policy.
Under the terms of the Affordable Care Act, there will be additional discounts for the insurance gap each year until the year 2020, when the insurance gap closes completely, and you will have continuous insurance of Part D drugs of Medicare.
Catastrophic insurance: In 2018, if you reach the disbursement limit in the insurance gap (i.e. $ 5,000), you are entitled to catastrophic insurance. In this phase, you pay only a small co insurance or co payment for the insured drugs for the rest of the year.
Does Medicare add an additional cost to the cost of Medicare Part D for prescription drugs?
If you qualify for a Medicare Part D prescription drug policy and qualify for help, you can get additional help from Medicare to pay your monthly premiums, annual deductibles, and prescriptions. The amount of help depends on your resources and income.
To become eligible for the Extra Help program, you must:
- Live in the District of Columbia or one of the 50 states.
- Comply with the annual limits of income and resources that may change from one year to the next.
Depending on your income and assets, you may be eligible to receive full or partial additional assistance. You can contact Social Security to get the most recent eligibility information and to see if you are eligible. You are automatically eligible to receive additional assistance if you have any of the following:
- You have full Medicaid insurance.
- You will receive support from a Medicare Part B Medicaid Part B reimbursement program funded by the state.
- You get additional security (SSI).
If you qualify automatically for additional help due to any of the above situations, you may not need to submit an application. Medicare will send you a purple message to inform you that it will automatically qualify for the program.