Most of us know the value of good insurance, whether it’s life, home, auto or health. Medicare is now offering insurance coverage for prescription medicines to help seniors and disabled persons with the cost of their medicines.
Those who join a drug plan will pay a monthly premium (just as they do now for their Medicare doctor visits), pay a part of the cost of their prescription medicines and may have a deductible, depending on the plan they join. But unlike some types of insurance, people with Medicare cannot be turned down for prescription drug coverage.
On average, people with Medicare spend over $2,800 per year on prescription medicines, more than $1,500 of which they currently pay out of their own pockets. With the new Medicare coverage, the money that an individual will spend out of pocket is expected to drop to about $850.
Even those seniors who currently take few medicines and spend little money will have the security of knowing they’re protected for future prescription drug needs. This coverage is important because health care needs generally increase with age-the chance of having more than one chronic health problem doubles by the...
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