This summer marks another successful anniversary for Social Security and Medicare as Social Security turns 83 and Medicare turns 53.
Fifteen years ago, President George W. Bush signed the Medicare Prescription Drug, Improvement, and Modernization Act which, among other things, created Medicare Part D to cover outpatient prescription drugs. Today, more than 40 million Americans are enrolled in Medicare Part D prescription drug plans.
Since 2006, Medicare beneficiaries have had access to outpatient prescription drug coverage through Medicare Part D. The standard benefit under Part D includes an annual deductible, an initial coverage period when enrollees pay 25 percent of their drug costs, and catastrophic coverage that limits enrollees’ spending to roughly 5 percent of their drug costs.
There's a lot to understand about the health insurance marketplace that opens on Oct. 1 - not to mention the Affordable Care Act (or "Obamacare"), which created it. But if you're on Medicare, there's really nothing to be confused about.
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