Medicare Part D Prescription Drug Plans Announced

Medicare has formally approved the individual prescription drug coverage plans that will be available through the new Medicare Part D Prescription Drug Plan, which is set to begin January 1, 2006. The approvals will allow for prescription drug plans in every state, with between 11 and 20 organizations offering drug coverage in each region. Ten organizations will offer nationwide coverage. There will be at least one prescription drug plan with a monthly premium of less than $20 in all states but Alaska. Five or more prescription plans in each state will provide coverage with no premium for qualified beneficiaries. “Thanks to the range of options available, everyone in Medicare will be able to choose a prescription drug plan that addresses their individual concerns about cost, coverage, and convenience,” said Health and Human Services Secretary Mike Leavitt. The Centers for Medicare & Medicaid Services has published a map listing the prescription drug plans available in each state. Coverage providers may begin marketing their plans on October 1st, in anticipation of the November 15th start of patient enrollment.