Choosing a Medicare drug plan (Medicare Part D) requires evaluating more factors than just the cost of the monthly premium.Read more
How Much Will the Proposed Medicare Drug Benefit Save You?
- November 20th, 2003
The Kaiser Family Foundation has released an updated Medicare Prescription Drug Benefit Calculator that can help recipients gauge how much the new Medicare legislation currently being considered by Congress would assist them in paying for prescription drugs.
Under the proposal, beneficiaries would pay an average premium of $35 a month ($420 a year) for the coverage, which would include an upfront deductible of $275 and 25 percent cost sharing between $275 and $2,200 in drug expenses. There is no coverage after $2,200 until the beneficiary reaches $3,600 in out of pocket costs, at which point the beneficiary would begin paying only 5 percent of drug costs.
Kaiser notes that the average senior will have an estimated $3,160 in total drug expenses in 2006, when the new benefit would take effect. According to the calculator, an individual with this level of expenses would save about $1,000 under the program. But a beneficiary with $800 in annual drug bills would actually pay more under the new benefit when the price of the coverage is factored in.
Kaiser's calculator can be found at: www.kaisernetwork.org/static/kncalc.cfm
The Kaiser Foundation also has a number of other resources that may be useful in following the Medicare prescription drug benefit debate, available at www.kff.org/medicare.
Local Elder Law Attorneys in Ashburn, VA
Law Offices of John L. Laster
John Laster is a lawyer licensed to practice in Virginia, Maryland and the District of Columbia. He limits his practice to wealth transfer planning, trusts, wills, powers of attorney, health care decision-making issues, estate administration and related tax, elder law and disability concerns. Listed in The Best Lawyers...
Felinton Elder Law & Estate Planning Centers
Mindy Felinton concentrates in the areas of Medicaid planning, Veterans' Benefits, asset protection, nursing home planning, elder law, wills, estate planning, trusts, living wills, powers of attorney, probate administration and trust administration and began her legal career 30 years ago as an Assistant State Attorney...
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...