Final answer:
Pharmacare for BC residents helps cover the cost of prescription drugs and medical supplies. Residents pay an annual premium and deductible, and then the government contributes to their medication costs. The program shares similarities with Medicare Part D in the US, particularly in providing coverage for gaps in medical care.
Step-by-step explanation:
Pharmacare for BC residents is a program that aims to assist with the costs of prescription drugs and some medical supplies. It operates by having individuals pay an annual premium and deductible, after which the government contributes to the costs of their medication. Typically, once the deductible is met, BC Pharmacare will cover 70% of eligible prescription costs up to a maximum amount, after which 100% of costs are covered. For seniors and those on social assistance, they may have lower deductibles or may not have to pay premiums at all.
This program is similar to Medicare Part D in the US, which also includes an optional insurance covering costs like physician services and outpatient visits. These services may be covered under Part B of Medicare, where participants usually pay a monthly fee, deductible charges, and copayments, with the government covering about three-fourths of the overall costs. Medicare's lack of a prescription drug benefit was especially challenging for the elderly and disabled, which led to the implementation of the Medicare Prescription Drug and Modernization Act of 2003 to mitigate the issue. The British Columbia Pharmacare program is designed with similar intentions to bridge gaps in medical care coverage.