As 2015 came to a close, millions of Americans enrolled in Medicare Part D, a public health care program that changes lives and saves money through affordable prescription medications. American seniors overwhelmingly agree: Part D works. They've saved money through the program since 2006, and 2016 will be no different. If you or a loved one signed up for Part D during the most recent open enrollment period, you may want to review a few of the many benefits you can expect in the new year:
It doesn't take long for beneficiaries to experience Medicare Part D's savings. For the sixth year running, basic plans are available for a reliable rate of just over $30 per month. Part D enrollees save a considerable amount on out-of-pocket costs that they would otherwise have to spend on medicines, co-payments and other procedures. Part D's benefits extend beyond enrollee; the program actually saves billions of dollars in Medicare spending.
Many Medicare Part D formularies (the list of medicines a particular plan provides) include a wide range of treatments for a variety of diseases, ensuring that enrollees across the country have access to the therapies they need at an affordable price. In 2016, Part D will make 886 prescription drug plans available to Part D beneficiaries from coast to coast, so no matter where you live, you can find the plan that's right for you.
Fewer Trips to the Doctor
Health care becomes easier to manage when you have the right tools, and Part D has done precisely that for many older Americans. No one wants to spend their golden years in and out of hospitals and doctors' offices. Since Medicare introduced prescription plans in 2006, they've greatly reduced the need for hospital visits and inpatient procedures for many of its beneficiaries.
Year in and year out, millions of American seniors look for quality prescription coverage and Medicare Part D continues to deliver. Check back on our blog to learn more about Part D and stay up to date in 2016.