The Medicare Modernization Act of 2003 created prescription drug coverage for all Medicare beneficiaries. This coverage went into effect January 1st of 2006. What is Medicare Part D and how do make the most of your prescription drug coverage?
As of January 2006, there are three components to Medicare. These components are Part A (Hospitalization Insurance), Part B (Medical Insurance), and Part D (Prescription Drug Coverage). Prescription drug coverage under Medicare works like any other Prescription drug insurance on the market today.
When you enroll in Medicare Part D you are signing up with a private insurance company appointed by Medicare to administer your plan. Part D providers and their plan offerings vary by region. There are dozens of providers and even more plans to choose from; all of these plans cover prescriptions differently and not all of them may cover the medicines you take.
How do you know which plan to sign up for? First, start by making a list of all the medication you take. List it by the medication’s name, brand versus generic, and how often you take it. Next, contact Medicare at their toll free number: 1-800-633-4227, and ask them for a list of Part D providers in your area.
You will receive a list of private insurance companies appointed by Medicare to administer Part D plans in your area. Finally, you will need to contact each of these insurance companies with the list of medications you prepared earlier. You need to shop around for the best deal for all the medications you take. You are looking for a plan with the lowest monthly premium that covers all the medications you are taking, and offers the greatest flexibility of coverage. This is not an easy task.
If you find the process overwhelming a Medicare representative can talk you through the process. When trying to make sense of the new changes to Medicare remember the old cliché: “What’s the best way to eat an elephant? One bite at a time.” Start by making your list of medications and calling Medicare today.
Louie Latour is a Social Security and Medicare specialist and owner of the site “Social Security Laid Bare.” The site offers information and resources pertaining to Social Security Disability, Retirement, SSI Benefits, and Medicare. For more information visit Social Security Laid Bare at: http://www.socialsecuritylaidbare.com
Many people mistakenly assume that all their dental needs are covered by their health insurance plans. While many health insurance plans - most notably HMOs - may offer some dental coverage, most of your dental needs won’t be covered by the typical health insurance plan. In fact, you may even find that a dental insurance plan only goes so far in covering your true dental costs. Supplemental dental insurance can help cover your out of pocket expenses, or lower your dental costs with participation in various dental plans.
Supplemental dental insurance is not meant to be your primary dental insurance. Rather, it’s meant to help cover the costs associated with your dental needs which may not be covered by your primary health or dental coverage. There are several varieties of dental insurance supplement plans, but they fall under a few broad categories.
Dental Discount Plans
A dental discount plan is designed to lower dental costs by leveraging the large number of their members to negotiate lower prices for their members. Discount dental plans aren’t actually dental insurance, but they do lower your dental costs by passing the savings on to you. You save money by getting your dental care and serviced provided by their member dentists. When you pay, you present your dental discount plan member card, and are billed at the discounted price for members. A discount dental plan can cost as little as $5 per month per person covered.
Discounted Student Dental Plans
Because college students often lose dental and health coverage on their parents’ dental plans when they reach 18, many colleges have opted to provide discounted student dental plans for their registered students. Generally, the discounted plans provide limited benefits such as cleanings, x-rays, fluoride treatments, routine fillings and emergency dental treatment for pain relief. The services may be entirely paid for by the supplemental dental insurance policy, or may involve a small co-payment. Costs for student supplemental dental insurance are generally low, from $125-$175 per student.
Dental Insurance Preferred Provider Network
One popular type of dental insurance plan is a preferred provider network. With a preferred provider plan, you can choose from any dentist who is a member of the network for your dental care - and switch dentists whenever you like. The dental insurance plan pays a fixed flat fee for any service provided, and you pay the rest. Cost is generally $15-20 per month.
Mansi gupta recommends that you visit www.dentalinsuranceplans.net/2006/01/supplemental_de.html for more information on Supplemental dental insurance.