In 2011, millions of senior citizens will benefit from the healthcare reform bill that was passed in March. This law will close the doughnut hole in prescription drugs coverage for the elderly and disabled on the Medicare Part D plan. The doughnut hole is when senior citizens prescription drug coverage on Medicare Part D reaches their limit of coverage, and they pay out of pocket for their medicine, until they reach the catastrophic coverage limit.
This month many senior citizens will reach the annual coverage limit for their prescription drugs cost. They face the daunting task of paying full price for their much needed medicine, or they will have to make the painful decision to do without their medicine. In 2010, the prescription drugs annual limit was $2,830. Once this amount is reached, beneficiaries of Medical Plan D will pay 100 per cent of their prescription cost, until they have paid $3,610. Once they spend this amount, they have reached the catastrophic coverage threshold, and Medicare coverage will resume paying for their prescription medicine.
On September 23, 2010, Vice president Joe Biden and the Secretary of Health and Human Services release the good news that senior citizens who endure financial hardship, when they reach the doughnut hole will get some relief by receiving a 50% discount on name-brand prescription drugs. The government arranged a deal with pharmaceutical companies to lower the cost of prescription drugs by offering a 50% discount to seniors on Medicare Part D.
The government will not regulate the prices that pharmaceutical companies set. There is a growing concern among watchdog groups that drug companies will raise the cost of prescription drugs to offset any profits lost with the 50% discount. Representatives of the pharmaceutical industry believe that competition in the prescription drugs market will keep prices at a reasonable rate.
This week more rebate checks in the amount of $250 was mailed to millions of eligible senior citizens and disabled Americans to help pay for medicine and to help make their doughnut hole a little less of an obstacle. This will be good news for senior citizens suffering hardship when trying to fulfill their medication needs. A $250 rebate check is just a drop in the bucket, but it is a step in the right direction to reforming the obvious problems with Medicare Part D.
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