David Bynon

A Medigap policy can help you pay some of the costs that your Original Medicare won’t cover, including your copayments, coinsurance and annual deductibles. Plus, many policies help pay for services not included in Original Medicare. Supplement plans take over where your Original Medicare benefits leave off. That’s why these policies are also called Medicare Supplements or “MedSupp” plans. When you supplement your Original Medicare with an additional policy, Medicare pays its portion first and then your own plan kicks in to pay the rest (up to the limits of the policy).

With millions more Americans not working or receiving a pay check (they are not paying taxes into Medicare, less money going in), there is even less money. We all know that seniors on Medicare right now are depending on the younger generation to pay into the system. The money you put in years ago while you were working has already been spent on something else.

Even as President Obama accuses Mitt Romney and Representative Paul D. Ryan of trying to privatize and “voucherize” Medicare, his administration crows about the success of private health plans in delivering prescription drug benefits and other services to Medicare beneficiaries.

There are always factors that need to be considered and which will help in making the decision on what particular medicare drug plans should be chosen. Affordability the costs of the medicare drug plans differ according to the annual deductibles, monthly premium payments and co-pays. If you are considering a certain plan, be sure that your finances will cover the necessary payments. Formulary this is the list of the prescription drugs covered under Part D. Be sure to check if the medications you are currently taking or expected to take in the future are included in the Medicare formulary. Even the cheapest of the plans will not do you any good if the prescription drugs that you need are not included in the formulary. Authorizations the Medicare Part D plans require the prior authorization from the doctors before the approval of the prescriptions drugs. Look into the drug plans if the medications needs the authorization of the doctor and if there are limits.

During the process of choosing the medicare drug plans that will suit your specific needs, it is very important to consider that the plans vary according to the states. Medicares Plan Finder Tool will help you select the medicare drug plans according to your location, the prescription drugs that you are currently using and the pharmacies that are included in the network. These factors are very important in making the decision since even if the chosen medicare drug plans are cost effective, if they do not cover the prescriptions drugs used, it serves no purpose or benefit. It is also important to consider the affordability of the medicare drug plans according to the annual deductibles, monthly premiums and the co-payments. Once you enter this information on the Plan Finder, you can make the choice based on the rating system and by requesting all the plans that cover the prescription drugs that you are currently using. It is very important to make a comparison of the costs and limits.

Before the Medicare Part D plans, there was no prescription coverage for Americans. The only exceptions were the medications that are prescribed and taken during a hospital confinement and for the patients who have the Medicare Advance Plan which is almost similar to the HMO or health maintenance organization. The Part D plan is not automatic since individuals need to enroll with the plan according to their specific needs. There are many different kinds of plans and medicare formulary which allows the individuals to manage their medications and at the same time pay the least cost.

Based on the Medicare Part D, the cost of prescription drugs for the Medicare beneficiaries are subsidized in the United States and went into effect in January 01, 2006. Enrollment with the Part D allows the participants to choose the plans according to their own specific needs. Those individuals who are eligible for the prescription drug plan in Part D are entitled to the benefits provided for under the Part A and/or enrolled under Plan B. The beneficiaries can enjoy the benefits from the Part D through the Prescription Drug Plan for drug coverage only and the Medical Advantage if they want both the medical services and the prescription drug advantages.

President Obamas campaign rolled out ads directly targeting seniors and veterans. In other campaign news, Politico analyzes Mitt Romneys decision to highlight his record as a businessman rather than his accomplishments as Massachusetts governor. The New York Times: "President Obamas campaign on Wednesday rolled out two new ads promoting his achievements, part of a $25 million advertising effort that his campaign unveiled this month. In one ad, titled Personal, Mr. Obamas campaign brags about efforts the president has made to protect Medicare from scams and fraud, and says he is working to preserve Medicare now and for the future. The ad cites the presidents upbringing by his grandparents to suggest that his desire to protect health care for the elderly is an important matter to him personally."

The Medicare Part D has various plans depending upon the states and regions; hence it is very important for the individual to consider the medicare drug plans including the costs involved before making the decision on what particular plan will satisfy the requirement. The premium payments, co-pays and the deductibles vary according to the plans that have been chosen but the best option is to consider whether the present medications you are using are covered under the medicare drug plans and how much you will paying for the cost of the plan. Find out if the plan is the stand-alone medicare drug plans or the Medicare Advantage Plan that has the prescription coverage under Part D. This helps you understand the exact coverage of the plan chosen. The plans also vary from the standard with the deductibles and the enhanced plan where you can expect that all the costs will be covered.

According to the provision of the Affordable Care Act, the government can set the prices for the drugs and the pharmaceutical companies who are the top money making industries will just have to decide whether they can take it or leave it. Before the emergence of the Part D, there was no prescription drug insurance for the seniors since it was really economically viable for the private insurance companies. With Obamacare, an estimate of 17.7 million seniors who are enrolled in the Original Medicare will enjoy the prescription drug plan and another 9.9 million will benefit from the Part D.