Opinion Source Information:
Under the Republican-led Congress, in 2004 for the first time in history, every senior in America had access to affordable prescription drug assistance. Since passage of this important legislation, the Medicare Prescription Drug Improvement and Modernization Act (MMA), seniors have saved thousands of dollars on their life-saving prescription drugs, and the new program has received resounding support.
If you are over 65, there are two open enrollment periods every year in which you may sign up for prescription drug assistance. During those open enrollment periods, you are able to review your current plan or choose a new one that better meets your needs. For an average of $24 per month, Medicare will cover 75% of your prescriptions between $250 and $2,250. Medicare will even cover 95% of your catastrophic prescription drug costs, above $3,600.
In 2007, if you are single and make less than $15,315 or are married and make less than $20,535, Medicare will offer additional help with your prescription drug costs. These limits increase every year, so be sure to check with your local Medicare office for the most up-to-date numbers. The premiums will be lower, the co-payments are reduced, and you will have no gap in coverage. If Medicaid already covers your prescription drugs, the new benefit will automatically pay for your prescriptions.