Thursday 19 March 2015

What Is Pace Insurance

PACE helps make prescription medications more affordable to older Pennsylvanians.


PACE and PACENET are prescription benefit plans offered to Pennsylvania residents ages 65 and older. Individuals are eligible to apply for this prescription coverage if they do not qualify for prescription drug assistance under the Medicaid program. They also must have been a Pennsylvania resident for at least 90 days before submitting a PACE application.


What It Means


PACE is a Pennsylvania assistance program for qualifying older adults. The Pharmaceutical Assistance Contract for the Elderly, or PACE, and the PACE Needs Enhancement Tier program make low-cost prescription medications available to seniors with minimal co-payments. Coverage for eligible program participants extends to both generic and name brand pharmaceutical drugs.


PACE Eligibility Requirements


When determining eligibility income requirements apply. In 2011, applicants who are single must have a total annual income less than $14,500. If you are married, your total combined annual income cannot exceed $17,700. Qualifying applicants pay up to a $6 co-payment for generic prescription drugs and a $9 co-payment for brand name drugs. PACE will also pay your Medicare co-payments and Medicare Part D premium if you enroll in a partner plan. Income for PACE purposes includes Social Security payments, SSI, Railroad Retirement, employer pensions, interest and dividends, veteran disability payments, taxable IRAs and annuities, wages, unemployment, net rental income and life insurance benefits over $10,000. Assets are not figured into the income-limit equation.


PACENET Eligibility Requirements


Applicants who are single with a total annual income between $14,500 and $23,500 may qualify for PACENET. The combined annual income for married applicants must be between $17,700 and $31,500. The co-payment for generic drugs costs no more than $8 for each prescription and $15 for brand name drugs. PACENET charges a monthly deductible if you do not also enroll in a Medicare Part D plan. As with PACE, you report the previous year's income on your application.


Medicare Part D


You can enroll in PACE and other prescription plans at the same time. The prescription benefits offered through the PACE/PACENET program are comparable to the prescription coverage offered through Medicare Part D. Eligible recipients are encouraged to enroll in both PACE and Medicare Part D to save money when buying prescription medications. If you are enrolled in PACE and fail to select a Medicare Part D provider on your own, PACE will automatically enroll you in a plan of its choice. Enrollment in a Medicare Part D plan saves both the health consumer and the PACE program money. PACE reviews an enrollee's Medicare Part D coverage each year.

Tags: Medicare Part, annual income, prescription medications, brand name, brand name drugs, combined annual