All retired and disable recipients of Social Security Part A and B are now in the process of enrolling in Medicare for Part "D". Part "D" is the prescription drug coverage. This program launched November 15, 2005. Understand what action you should take based on the type of insurance coverage you now have or will not have on January 1, 2006.
MEDICARE PART “D” SIMPLY 1 – 2 – 3
1. Traditional Medicare
Do Nothing IF:
You have a creditable Drug Plan
(Example: Retirement Benefit, VA, Tricare, Federal Employee Health Coverage)
By now you should have received a letter from your provider stating if your plan is creditable – if NOT – the letter suggested you enroll in Part D because it offers the best drug plan available for the new coverage.
Consider Choosing a Plan IF:
-You have a drug discount card. These cards will be discontinued 12-31-05.
-You have a Medigap Plan “H”, “I”, “J”
These plans are not considered to be creditable and will not be sold once Medicare Part “D” begins in 2006.
-You receive “FREE” assistance directly from a drug company. At this time, the companies are contemplating phasing out their distribution and encourage recipients to enroll in Part “D” because it is the best primary drug source offering the most creditable coverage.
PENALTY
If you decide NOT to join Part “D” before May 15, 2006, your premium cost will increase up to at least 1% per month you wait to enroll.
You may not take medications now and you may be healthy now, however, as we age our bodies change and medical attention is necessary and in the event of hospitalization, out patient surgery, etc., prescription drugs are a necessity. This is a personal protection plan. Make the choice that is best for you.
2. HMO Medicare
Prevent confusion:
DO NOTHING IF:
Your current Insurance Company is approved by Medicare for Part “D” enrollment and your Doctor is in their Network. By now you have received your re-enrollment form for Medicare Part “D”. Fill them out and send them in and you will be enrolled in your current plan including part “D” coverage for 2006.
WHAT TO CONSIDER WHEN CHOOSING:
Based on your Doctor’s Choice of Insurance Providers, choose one of the Insurance Company he/she prefers. Choose the best Insurance plan available within your Doctor’s NETWORK offering a Medicare Advantage/Choice Plan. Check out the pharmacy within that network that offers YOUR drugs at the best price for YOUR personal needs.
If possible, enroll in an insurance company offering ZERO premiums and ZERO co-pay for Doctor Visits as well as additional benefits not included in traditional Medicare coverage.
The approximate charge for Part “D” = +-$32.00, plus deductibles and co-pays. Additional benefits are based on the Insurance Product you choose.
3. Medicare/Medicaid Dual Eligible
Senior and disabled Recipients of Medicare Part “A” and Part “B”
With Medicaid MUST join a plan in order to get drug coverage by
January 1, 2006.
Why: Medicaid will NO longer pay for prescription drug coverage, this will be covered by MEDICARE PART “D”.
Make your choice by January 1, 2006, if you do NOT, MEDICARE will enroll you in a plan to make sure you do not miss a day of coverage. (Page 3 of Medicare BOOK)
WHAT TO CONSIDER WHEN CHOOSING:
l. Ask your Doctor. You do not want to loose your Doctor and your medical routine.
Plans are available specifically for dual eligible recipients. Based on your Doctor’s Network choices, choose an insurance company offering additional health benefits and services with ZERO premium and ZERO co-pay for doctor visits.
All information is available in your Medicare & You Guide for 2006
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