The Hidden Costs of Medicare
in 2006 - An Analysis
by FixMyHealthcare.com
Nearly one year after congress passed the Medicare and prescription drug
plan, both sides are still debating its supposed benefits, or detriments.
Unfortunately, many of the people who will be affected by the Medicare changes
still dont know where to turn.
What follows is an initial analysis of what will happen January 1, 2006.
Our conclusion:
Regardless of whatever else youre hearing, the Medicare Part "D" prescription
drug plan has many loopholes that are harmful to seniors with low to moderate
incomes.
The Analysis:
First, you will pay a monthly insurance premium of $35 per month, or $420 for
the year.
Secondly, the first $225 you spend will make up your deductible - no help from
Medicare Thirdly, the next $2,000 in coats ($226 to $2,225) is 25% your cost,
75% Medicare. Fourthly, and this is referred to as the donut hole, you have to
pay 100% again for all dollars spent between $2,225 and $5,100 - no Medicare
help. Lastly, any dollars spent for prescriptions above $5,100 in one year will
be 5% yours, 95% from Medicare - this is called Catastrophic Coverage.
Your 2006 Medicare Coverage Costs:
Your Prescription Costs/What Itll Cost You/You Pay/You Save
$225-------------------------$645-------------100%---$0
$1,000-----------------------$839-------------84%----$161
$1,500-----------------------$964-------------64%----$536
$2,000-----------------------$1,089-----------55%----$911
$3,000-----------------------$1,920-----------64%----$1,080
$4,000-----------------------$2,920-----------73%----$1,080
$5,000-----------------------$3,920-----------78%----$1,080
Final Thought:
Beginning January 1, 2006 your Medicare costs, as detailed in the new plan
passed by congress and the current administration, may increase significantly.
We believe congress should have done better than this for our seniors.
Remember, its only after you spend $5,100 in Medicare-cover healthcare costs
that the catastrophic support starts. Even then, youd still be responsible for
5% of your costs.
As it stands, it will take about $800 of prescriptions in a year just to break
even! Then, your out-of-pocket expenses go down. However they come right back up
once you hit the donut hole, where you pay 100% again.
FixMyHealthcare.com is a website devoted to helping seniors decipher the
recent changes in Medicare. Visit www.fixmyhealthcare for a discussion of senior
health issues.
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