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It’s a fact: with the first Baby Boomers turning 60 this year, the American population is aging. With aging comes the increased need for prescription drugs. There are frequent news stories about how a number of people have to choose between their prescribed medicines or proper nutrition, due to the prohibitive costs of pharmaceuticals. With this adverse publicity has come pressure on the U.S. government to do something about the problem.

Starting on January 1, 2006, a new feature was added to the Medicare program (Part D) – prescription drug coverage. This program is designed to supplement Medicare coverage and to help senior citizens with the cost of medicines.

Eligibility

This new Medicare prescription drug program is available to those 65 or older who are enrolled in and/or eligible for Medicare. The program is voluntary and may or may not be useful for those who have better coverage through another insurance program. It would be in one’s best interests to do some research to see what options are available to ensure one’s needs are met before enrolling in the program.

Enrollment Requirements

The Medicare prescription drug benefit application needs to be made during the period between November 15 and December 31 of the year of one’s 65th birthday (if one is not already enrolled with Medicare). For those who are already past 65 and are signing up for the first time, the enrollment period was from November 15, 2005 through May 15, 2006. Anyone not turning 65 during 2006 trying to enroll after May 15, 2006 may face penalties for late registration.

Benefits Provided

One needs to find out what drugs – both generic and name brand – are covered. Such lists are available through government publications about the program. Once enrolled, the individual typically pays a deductible of $250 per year. The enrollee might pay a portion of the cost, with Medicare paying up to $2,250. When the individual’s out of pocket expenses reach $3,600, Medicare will pay 95% of the remaining yearly costs. People with limited incomes may receive additional assistance.

This program works in concert with, and as a supplement to other insurance plans. Many health plans and pharmacies will be glad to provide information and assistance with the process. Application for this supplemental help can be made any time during the year without penalties. The Medicare prescription drug program can also include the option to obtain a discount buyers card. Some of these cards are free, while others charge a fee to join a subscribers’ club. Cost savings can range from between 15 and 40%.

Other Helpful Resources

The Social Security Administration offers seniors help in determining eligibility. It is certainly worth the effort to determine if one is qualified for the program, as cost savings can be worth an average of $3,700 per year. There are also buyers’ clubs and disease-specific organizations that provide assistance, and work with the Medicare program. In sum, while this program may seem complicated, no one over 65 needs, any longer, to choose between food and medicine.