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Medicare Prescriptions Drug Discount Card
Starting on January 1, 2006, Medicare will
begin covering most prescription
drugs for
senior citizens. In the meantime,
seniors
should consider applying for
a Medicare-approved
drug discount card.
Private companies, mainly pharmacies
and
insurance companies, offer the
cards. Here
are some things to consider when
deciding
which card is right for you:
- Fees for enrollment.
- Not all cards are good in all states. This
is very important if you split your time
between different homes.
- A given pharmacy may accept only certain
cards.
- Different cards can cover different drugs
and can change
- Discounts on a given drug differ by card
and the size of the discounts offered by
a given card can change.
- You can possess only one card at a time and
are good through December 31, 2005.
- The card may give you access to a $600 annual
credit on prescription drug purchases if
your income is below $12,569 (single) or
$16,862 (married).
Other things that you should
consider include:
- Unless you have a secondary insurance plan (that is, besides Medicare) that covers
the full cost of outpatient prescription
drugs, a card might be worthwhile.
- If you are eligible for other discount plans
(e.g., through AARP membership), you must
compare whether it or a prescription drug
discount card offers a better deal.
- Most pharmacies will limit you to one discount
plan. For example, they'll make you choose
either an AARP discount or the prescription
drug discount card.
Deciding on the best card, unfortunately,
is not easy. Besides all these factors, a
card that is right for you now can become
obsolete if your doctor drops a drug that
is covered by your card or adds one that
is not. In that case, you may have to cancel
your card and sign up for a different one,
incurring a new enrollment fee.
If your spending on drugs is
large enough,
it can be worth the effort. Check
various
card issuers' offers and talk
to your pharmacist
and your doctor for their advice.
Only consider
cards with a "Medicare Approved"
seal on them. |
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