Transamerica MedicareRx Classic PDP for Pennsylvania Seniors
|Initial Coverage Limit:||$2,850.00|
|Pharmacy Mail Order:||Yes|
|Gap Coverage:||No Gap Coverage|
|Low Income Subsidy:||No|
|PDP ID No:||S9579-005|
|Approved by CMS for:||PA Residents|
|Rx Plan Type:||National|
2014 Medicare Prescription Drug Plan Overview
Transamerica MedicareRx Classic (PDP) is an approved Medicare Prescription Drug Plan for Pennsylvania seniors.
The annual premium is $542.40 ($45.20 monthly), and it carries a $310.00 deductible on all prescribed medications. This year the maximum Part D deductible is $310. That's down $15 from last year.
The Transamerica Life Insurance Company formulary ID for this plan is 00014601, and it features 3032 FDA approved medications.
For all Pennsylvania seniors with Medicare benefits, there are two situations will change the amount you pay for you drug plan. First, if you qualify for the Extra Help program your premium may be lower. Second, if a premium penalty has been imposed on you for late entry, your premium will be a bit higher.
Here are a few Part D Plans that compare with Transamerica MedicareRx Classic:
- Express Scripts Medicare - Value at $32.20 per month for Pennsylvania Seniors
- Express Scripts Medicare - Choice at $80.50 per month for Pennsylvania Seniors
- Humana Preferred Rx Plan at $22.80 per month for Pennsylvania Seniors
Transamerica MedicareRx Classic Initial Coverage
ICP - the Initial Coverage Phase - is where you share the cost of your prescriptions with your insurance company. You and the carrier each pay your share until you hit the Initial Coverage Limit (ICL). In 2014, the ICL is $2,850. This number is adjusted each year. This plan has a deductible that you must pay before ICP cost-sharing ICP begins.
All prescription drugs fall into one of several tiers within the insurance carrier's drug formulary. Carriers use the formulary tiers to manage cost-sharing. Be aware that tiers are not standardized. In other words, carriers assign drugs to the tier they deem most suitable.
The pharmacy co-pay with the Transamerica MedicareRx Classic (PDP) plan in Pennsylvania is tiered as follows:
|Tier||Co-Pay Amount||Medications in Tier|
|1||$0.00||207 Preferred Generics|
|2||$8.00||1819 Non-Preferred Generics|
|3||$45.00||342 Preferred Brand Drugs|
|4||$95.00||301 Non-Preferred Brand Drugs|
|5||25%||363 Specialty Drugs|
The Initial Coverage Limit (ICL) is $2,850.00. This presdription drug plan does not qualify for the $0 LIS premium.
Transamerica MedicareRx Classic (PDP) 2014 Coverage Gap
The prescription drug Coverage Gap (aka, "Donut Hole") is the coverage phase where you must pay all of your medication costs. You can learn more about costs in the donut hole by reading What is the Medicare Part D Donut Hole? When you reach the donut hole with the Transamerica MedicareRx Classic (PDP) plan all depends on your prescriptions.
The Gap Coverage with this policy: No Gap Coverage
Nation wide, the number of seniors using the Transamerica MedicareRx Classic policy is 0. In region 6 (your region) there are approximately 0 people with this policy (based on 2011 CMS statistics).
Related Senior Services in Pennsylvania
More Information About Transamerica Life Insurance Company
Transamerica's origins date back to 1904, when the founder of Transamerica Corporation, A.P. Giannini, formed the Bank of Italy (later to be known as Bank of America). Even then, the spirit of Tomorrow Making was evident as Giannini played a vital role in the restoration of San Francisco after the great earthquake and subsequent fire in 1906. While we have grown to become one of the world's most respected financial institutions, it is still our desire to Transform Tomorrow®, and create a better financial future for each and every one of our clients, that drives all that we do.
The summary (overall) rating for this Transamerica Life Insurance Company plan is 4.0 out of 5 based on reviews from 0 user ratings from the previous year. For more information about the review process, visit http://cms.gov.