If you are a senior citizen, then you already know that Medicare prescription drug plans tend to be a complicated issue.
For one, there are various kinds of Medicare plans. There isn’t just one plan that is right for all senior citizens. Also, depending on what kind of money you make, what kind of social security you have, and what kind of taxes you have paid, you may even have to supplement your Medicare with a private health insurance plan. This can be a very complicated procedure for many people and can even result in some bad decisions being made. This is why it’s so important to stay informed. Also, with the new healthcare reform bill, you probably have some questions about how your Medicare bill is affected.
One area where has certainly been many changes is in Medicare prescription drug plans. In the past, there have been many complications related to how seniors with Medicare paid for prescription drugs. There was a significant section of the population that come to be known as the donut hole because they fall into a part of the income bracket that does not allow them discounts of prescription drugs even though their income says that they probably should be able to get some discount. For many, this donut hole has caused much financial struggle and confusion.
With the new healthcare reform bill, there are some changes being put into effect that are going to make things easier for those in the donut hole. Unfortunately, this is not going to be put into effect until 2014. The good news, however, is that those in this unfortunate part of the income scale can now get rebates on prescription drugs. This is something that can be accomplished when you are doing the taxes. For many Americans who qualify, this can mean saving hundreds of dollars each month.
This sounds like great news, but there are some critics who believe that there are negative effects to this rebate. One major setback is that the insurance industry has already announced that they will have to raise premiums for many Americans. This is a negative effect, but before you jump to any conclusions, you should know that many American will also benefit. In other words, there are positive and negative effects to the healthcare reform bill and the prescription drug rebate. If you want to form an informed decision and perspective, your best bet will be to further investigate the implications and effects of this bill and the rebate.
