Here's What Medicare Part D Costs and Covers in 2018
Medicare celebrated its 50th anniversary back in 2015, and since its inception in the mid-1960s, the healthcare coverage program has seen some major changes. One of the biggest enhancements to the program came in 2006, when lawmakers created Medicare Part D prescription drug coverage. Not every Medicare participant takes advantage of Part D coverage, but millions of retirees make use of the program to limit their risk and control their costs for prescription drugs. To answer some of the questions that participants often ask about the program, here are some of the key provisions of Medicare Part D and how you can use it to cover the expenses of prescription drugs and medications.
Medicare participants typically have to pay several types of costs in order to be part of a Medicare Part D plan. However, the government agency that oversees Medicare doesn't set fixed amounts for most of those costs. Those who are used to seeing the set premiums that Part A hospital coverage and Part B medical coverage charges under Medicare will be surprised by the wide range of different costs across plans. That stems from the fact that Part D plans come from private insurance companies, and they have considerable latitude to tailor plans to meet the needs of their intended customers as well as to set pricing on their own.
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Source: Fool.com
