Medicare Prescription Drug Plan
2014 Medicare and Medigap Updates
The medicare prescription drug plan (PDP) is a program offered to those on medicare to supplement the high cost of prescription drugs. With this plan you use a card that you take to the pharmacy when there is a need for prescriptions. A generous discount is then given to those participating in the program.
Many medications under the plan will be substituted with generic drugs in order to keep the cost down. If you are financially challenged then the plan is customized for you and the percentage of the cost is averaged so you can better afford the drugs by using the medicare prescription drug plan. Generic drugs have saved both the government and individuals billions of dollars over the years.
The drugs on the list known as "formulary" are the ones that are necessary to use under the medicare prescription drug plan. Others may be submitted for approval if there is not a generic on the list. Some of the drugs on the medicare list are limited while others can be substituted once approval is maintained. A physician will need to submit the need for the drug in order for their patient to take advantage of the medicare prescription drug plan.
The medicare prescription drug plan helps supplement your insurance by having the insurance company pay for a large percentage of your prescription drugs each year. Since there are many private companies that have been setting up this type of program, some have certain pharmacies you must use or there is a cost difference. If you need help just login or call medicare so you can pick the program that best meets your particular needs.
The new medicare law will be in effect as of 2012 for Part D, and the medicare participants will receive 50% discount. Better yet, for the next 10 years they can receive even larger percentages each year.
There will be a 1% penalty charge if you don't join the program during the enrollment process. At age 65 if you take advantage and participate you will be able to save on prescription drugs through the medicare prescription drug plan for life, so do not forget to join.
This program can help millions of seniors save money on their prescriptions in the event of illnesses and accidents. Many people don't realize throughout the year how drug cost can increase on a month to month basis and how this plan can save them a large amount of money when prescription drugs are needed. An individual can truly see a savings of 50% a year in drug cost when enrolled in this plan.
The Medicare prescription drug plan has shown to be a successful program for the large majority of medicare users. If you would like to stay informed on up to date medicare issues, be sure and read more of our articles and bookmark our page.