Canadian Pharmacy Brings Outside Perspective to Medicare Part D
Seniors are panicky, confused and angry at the way Medicare part
d is being handled. There are gapping holes in the plan when it
is examined closely and most
people will not be able to take advantage of the ideal savings
because that ideal savings is based on a specific annual expense.
Here are some facts that may help answer the concerns and make
the issue a little clearer.
The Government is enforcing Medicare Part D. Proof of this is
evident if considering the penalties individuals will incur by
not joining Medicare Part D by May15th.
The accumulative 1% penalty (per month) can become expensive
over time and looks counter productive. It seems more likely the
Government agenda is geared
towards herding the public into a central plan and closing the
doors for international prescription imports.
Medicare Part D is great if individual retail expenses are
exactly $2250 each year. The further away annual costs are from
that perfect amount, the less effective the
plan is.
Medicare Part D is deceptive because it is presented as a 75%
savings when in reality the savings are at best 60% when the
perfect amount of $2250 is spent.
Medications that are not insured obviously reduce the savings.
If you spend exactly $2250 retail on insured medications then
your savings will be significant, probably
between 50% and 60%. So who will hit that perfect amount?
Here are some scenarios to consider: (Based on $250 deductible
and monthly premiums of $35)
* Spend $1200 on insured medications - Savings will be about 16%
* Spend $3000 on insured medications - Savings will be about 36%
* Spend $4000 on insured medications - Savings will be about 27%
The Perfect Situation:
* Spend $2250 on insured medications - Savings will be 52%
Anyone who is spending more than $2250 on prescriptions each
year will be unhappy paying full retail after spending beyond
the $2250 mark, and possibly angry
when they realize the monthly premiums are still due.
Spokesman for Professional Services Canada Darwin Corby, has
this advice:
"Sit down and calculate all your prescription expenses at full
retail by phoning a local Pharmacy. Get familiar with your
Medicare Part D costs. Add the $250
deductible and monthly premiums together with the %25 not
covered in the first $2250. Then add the full retail you will be
paying in the doughnut hole on top of your
costs. (The doughnut hole is the gap between $2250 and $5100)
Subtract the deductible, monthly premiums, doughnut hole
expenses and 25% from the savings to find your approximate
savings for the year. You also need to
understand that reaching the ideal savings is highly unlikely."
A simple webpage chart is provided to help understand Medicare
Part D on this page http://www.medicareaide.com/supplement.html
Recommendations:
Use a Canadian Prescription service to help avoid the Doughnut
hole if expenses are high. Join a low cost Medicare Part D plan
to avoid the penalties if expenses are
low. Enquire about Canadian prescription prices to maximize
savings.
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