Medicare Part D Prescription Drug Coverage Coming in 2006
How will this new program work?
In order to offer prescription drug coverage, Medicare will be working with independent insurance agencies and other private companies to offer prescription drug coverage plans to Medicare recipients. Each company or insurance agency will offer their version of a Medicare prescription drug coverage plan. Which one you choose to sign up with is up to you.
How do I know which prescription drug coverage plan to pick?
Which plan to pick depends a lot on what medications you are currently taking. Drugs that are covered under one plan may not be covered under another. You’ll need to know how much your medicine currently costs you every month. With this information, you’ll be able to compare plans to see which is the best deal for your situation. If you currently have Medicare supplement insurance, it is possible that your current provider will offer a Medicare prescription drug coverage plan.
How do I know the company I have chosen for Medicare prescription drug coverage is legitimate?
Senior citizens should always be alert for scams. The launch of Medicare Part D in January 2006 will be an opportune time for scammers to prey on senior citizens. If you are suspicious of a particular company, call Medicare at 1-800-MEDICARE, or visit www.medicare.gov to find out if the company you are working with is a legitimate Medicare Part D participant. As always, never give out personal information such as social security or bank account numbers to anyone on the phone.
How much will Medicare prescription drug coverage cost?
It is estimated by Medicare that the monthly premium for Medicare prescription drug coverage will be around $37.00 per month plus an estimated $250 deductible per year. The actual cost of the plan will vary depending on which prescription drug coverage plan you choose.
What if I cannot afford the $37.00 monthly premium?
In this case, Social Security may be able to help. Social Security has a plan in place to assist low-income Medicare recipients with Medicare Part D premiums and deductibles, and will be mailing applications for help during the summer of 2005. If you lost your application, or didn’t receive one, call 1-800-772-1213 and ask for the Application for Help with Medicare Prescription Drug Plan Costs (Form SSA-10200), or visit www.socialsecurity.gov.
Is anyone eligible to receive Medicare Part D?
Any person who currently is a Medicare Part A or Part B participant is eligible to enroll in a prescription drug coverage plan, known as Medicare Part D.
Can I sign up for Medicare prescription drug coverage today?
Prescription drug plan enrollment will begin on November 15, 2005 and continue until May 15, 2006.
What if I miss the deadline to enroll?
If you miss the enrollment period, you will still be able to enroll, but your premium will probably be higher than if you had signed up on time.
I don’t take many prescriptions, and they don’t cost that much…should I still join?
This is a personal decision, but remember to consider the future. Just because you don’t require a lot of expensive drugs now, doesn’t mean you won’t in the future. You may want to consider enrolling in a Medicare Part D prescription drug coverage plan to protect yourself against higher premiums in the future.
I still don’t understand all this…is there anyone who can help me?
There is help available. Medicare will be mailing “Medicare and You 2006” handbooks in the fall of 2005. They will contain information on Medicare Part D and how to choose Part D prescription drug plans. SHIP, (State Health Insurance Assistance Program), is an organization for assisting individuals with insurance needs. To find out how to find a SHIP program in your area call 1-800-Medicare or visit www.medicare.gov.
You may also consider contacting your local senior citizens center for more help.
