Medicare Part D
Your Medicare Part D and Advantage Plan Facts:
(Open Enrollment is Oct. 15 – Dec. 7)
- 30+ Plans Available
- Some plans can have a deductible up to $320.00
- Premiums range from $18.00- $120.00 per month
Medicare Part D Meetings at your local Cannon Pharmacy
Schedule a FREE Medicare Part D plan review with one of our Medicare Part D experts. Call your local Cannon Pharmacy today!
- Let us help guide your family with enrollment.
- Are having trouble paying for your medications? Ask us if we can help you qualify for prescription assistance (LIS).
- Use our 6 month supply ad to save money and help keep you out of the donut hole.
- We can make recommendations to reduce your monthly cost when approved by your Doctor and supported for your health care needs!
- Do you have a drug need not covered under your current plan? Call and ask us how we can help!
- We also carry medical equipment and diabetic testing supplies that can be supplied by Medicare Part B in many cases.
Things You Need to Know About Medicare Advantage
- Medicare Advantage is also called Medicare Part C.
- Combines Medicare Parts A, B and D.
- Replaces Traditional Medicare (no need for a Medicare supplement)
- Cheaper premiums
- No need for supplement (save monthly supplement premiums)
- Premiums not based on age or health
- Fixed copayments for hospital, doctor, etc. (eliminates guessing)
- Must follow rules of private company
- May limit to certain doctors/hospitals
- Bound by the company’s drug formulary
- More restrictive network
- Must stay in network for coverage
- Preferred Provider Organization
- Can go out of network if needed
Medicare Part D Coverage Facts for 2016
- Initial Deductible up to $320
- Initial Coverage Limit $3,310 (patient & plan spend)
- Out-of-Pocket Threshold $4,850 (patient spend & manufacturer discount payment)
- Coverage Gap (donut hole) begins once the patient reaches the Medicare Part D plan’s initial coverage limit and ends when the patient reaches the out of pocket threshold spend
- Brand-Name Drugs – the patient pays 45%, the plan pays 5%, and the manufacturer pays 50% of the full cost while in the coverage gap
- Generic Drugs the patient pays 52% and the plan pays 48% of the full cost while in the coverage
- Catastrophic Coverage begins once the patient reaches the out of pocket threshold spend
- Brand-Name Drugs – the patient pays the greater of 5% of the full drug cost or $7.40
- Generic Drugs the patient pays the greater of 5% of the full drug cost or $2.95
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