Medicare Part D Prescription Drug Plan Costs in 2011; Deductible and Donut Hole Notes Medicare Plans

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Medicare Part D is a federal program that helps to subsidize the costs of prescription drugs for Medicare beneficiaries throughout the United States. Previous to this year, Medicare beneficiaries needed to enroll in a Part D plan between November 15th and December 31st of the calendar year, but this enrollment period is changed in 2011. The new enrollment period for 2011 will begin on October 15th, 2011 and last through December 7th, 2011. According to federal statistics, tens of millions of American citizens are enrolled in some type of Medicare Part D plan. Plans are based on need and are thus individualized. Primary costs of plans are dependent on the variables of a given situation. Medicare attempts to help Americans sort through these variables to determine costs via its Medicare Plan Finder online. One constant that will remain unchanged in 2011 for Medicare Part D plans is the deductible. The deductible can be as high as $310 annually but is not subject to all plans. This amount was the same in 2010, and 2011 is the first time in the history of the Part D plans that this deductible amount has not moved higher. Many are also concerned with “donut hole coverage.” The donut hole will close completely by 2020 Those that find themselves in the hole this year should see a discount of 50 percent for brand-name drugs and 7 percent for generic selections. Author: Stephen Johnson

Medicare Part D Prescription Drug Plan Costs in 2011; Deductible and Donut Hole Notes Medicare Plans