This is a good place to start to learn
about Medicare Part D if you don't have much time yet or just
want a quick overview. Later you should get more details. So the
Top 10 things to Know about Part D are...
-
Medicare Part D
is the new prescription drug program available to all people eligible for Medicare
(that is, anyone who has Medicare Part A and/or
Part B) beginning January 1, 2006. Its benefits can include
saving you money today as well being your insurance policy
for the future.
- Medicare Part D
is optional for everyone (except it is mandatory for people
receiving Medicaid in addition to Medicare; more on that
later). After researching the available Part D Plans, you
might decide that Medicare Part D is not worth the monthly
premium that it will cost you. But you should be careful:
missing your first opportunity to join could cost you more
money. Plus, there is financial assistance available to
people with limited income and resources.
- You must enroll
in
a particular Medicare Part D Plan. That's right, you will
only get the benefits of Medicare Part D if you take action
and sign up for a particular plan. Medicare is doing its
best to make this easy, and is providing program information
to eligible participants in fall 2005. For a very few
people, a Plan will be selected for them if they don't make
a choice, although they can still change plans later.
- Medicare Part D will be available
for a monthly premium you will pay from a
variety of private companies over a six-month
open-enrollment period
beginning November 15, 2005 and ending May 15, 2006.
- You will have choices in plans.
Medicare Part D Plans must meet the government's basic
requirements but Plans will vary based on
cost, which prescription drugs are covered, and pharmacies
that may be used.
Compare the plans to find the one right for you.
- Medicare Part D works with
Medicare Parts A and B. Or, you can sign up with a
Medicare Advantage plan tha offers a Part D Prescription
Drug Plan. Individuals entitled to Part A or enrolled in
Part B can receive help paying for prescription drugs. In
general, Medicare Part D will become more beneficial to the
enrollee as prescription drug costs increase. (In case
you're wondering, Medicare Part C referred to the
Medicare+Choice plans, which are now known as Medicare
Advantage.) Also, note that under Medicare Part D, when you
use the plan's network pharmacies, you can purchase
prescriptions at discounted prices negotiated by the plans
with the drug companies. So, when you pay for drugs within
the Prescription Drug Plan, you will benefit from discounted
prices even when you are responsible for paying some or all
of the cost under the Plan.
- Assistance is available
for individuals with limited income and resources
can get
financial help for Medicare Part D, including no monthly
premiums, no deductibles and no gap in coverage for
qualified individuals. Click
here if your individual annual income is below $9,570.
- Individuals who are enrolled in
both Medicare and Medicaid ("Dual
Eligibles") who have not already selected a Part D plan
will be automatically enrolled in Medicare Part D by their
state agency in the fall. This also applies to nursing home
residents receiving Medicaid.
- Eligible individuals who choose not
to enroll during the
initial open-enrollment period (November 15, 2005-May
15, 2006) may enroll from November 15 and December 31 of
each subsequent year, but penalties will apply.
- Enrollees can change their
qualified prescription drug coverage plan any time
through June 30 of 2006. From July 1 through December 31,
they cannot change plans. For subsequent years, enrollees
will be able to change their plan from November 15 to
December 31 of each year to be implemented on January 1 of
the following year. For example, starting November 15, 2006
you can sign up for a new plan to be effective January 1,
2007.
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