What are the out-of-pocket costs for Medicare prescription drug coverage?:QuickMedicareSupplement.com

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What are the out-of-pocket costs for Medicare prescription drug coverage?

What are the out-of-pocket costs for Medicare prescription drug coverage?

When you get Medicare prescription drug coverage, you pay part of the costs and Medicare pays part of the costs. You pay a premium every month to join the drug plan. If you have Medicare Part B, you also pay your monthly Part B premium. If you fit in to a Medicare Advantage Plan or Medicare Cost Plan, the monthly premium you pay to the plan may go up if you include prescription drug coverage.

Your costs will differ depending on which plan you prefer. Your plan should, at least, provide a standard level of coverage shown as under. Some plans offer more coverage or lower premiums.

Standard Coverage (the minimum coverage drug plans should provide)

Effective January 1, 2007, for covered drugs you will pay

- A monthly premium (differs depending on the plan you decide)

- The first $265 per year for your prescriptions. This is known as your deductible.

After you pay the $265 yearly deductible, here's how the costs work:

- You pay 25% of your yearly drug costs from $265 to $2,400, and your plan pays the other 75% of these costs, then

- You pay 100% of your next $3,051.25 in drug costs, then

- You pay a coinsurance amount (like 5% of the drug cost) or a co-payment (like $2.15 or $5.35 for every prescription) for the rest of the year after you have spent $3,850 out-of-pocket. Your plan pays the rest.

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