Medicare Prescription Drug Plan Information Page for Seniors

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Medicare Prescription Drug Plan Information Page for Seniors

For the first time in history, on January 1, 2006, seniors will be able to get comprehensive prescription drug coverage through Medicare
This prescription drug benefit is voluntary. Beneficiaries must opt-in to the benefit, and they may do so before May 15, 2006 for this year without paying a penalty.
If Seniors enrolled in the drug benefit before December 31, 2005, their coverage will begin January 1, 2006. If seniors sign up after January 1, 2006, their coverage will begin on the first day of the following month.

FAQ's

Important Dates

Further Information

Frequently Asked Questions:

Who qualifies for the prescription drug benefit?

Everyone with Medicare is eligible regardless of income, assets, health status or current prescription drug expense.

Why should I sign up for the benefit?

Even if you don’t have high prescription drug expenses, the benefit will protect you from unexpected costs that may arise in the future. Prescriptions can get very expensive very quickly, and this will give you the peace of mind to protect you when unexpected needs arise.

When can I get Medicare prescription drug coverage?

You may sign up from November 15, 2005 to May 15, 2006. If you join by December 31, 2005, your coverage will start January 1, 2006, and you won't miss a day of coverage. If you don't sign up when you are first eligible or by May 15, 2006, you may pay a penalty. Your next opportunity to enroll is from November 15, 2006 to December 31, 2006.

How does Medicare prescription drug coverage work?

There are two ways to get Medicare prescription drug coverage depending upon the type of health coverage you have now. You can join a Medicare prescription drug plan or you can join a Medicare Advantage Plan or other Medicare Health Plans that offer drug coverage.

Whatever plan you choose, Medicare drug coverage will cover brand-name and generic drugs at pharmacies that are convenient for you.

As with your current insurance plans, if you join the Medicare prescription drug program, you will pay a monthly premium, which varies by plan, and a yearly deductible (no more than $250 in 2006). You will also pay a part of the cost of your prescriptions, including a co-payment or coinsurance. Costs will vary depending on which drug plan you choose. Some plans may offer more coverage and additional drugs for a higher monthly premium. If you have limited income and resources, and you qualify for extra help, you may not have to pay a premium or deductible.

What if I have a limited income and resources?

There is extra help for people with limited income and resources. Almost 1 in 3 people with Medicare will qualify for extra help and Medicare will pay for almost all of their prescription drug costs.

Important Dates

January 1, 2006: Prescription drug coverage begins for seniors who have signed up for a plan by Dec. 31, 2005

May 15, 2006: Last day to join a plan offering coverage for 2006 without paying a penalty

November 15 – December 31, 2006: Next opportunity to enroll in the prescription drug benefit

For help and further information about the Medicare Prescription Drug Benefit:

Visit www.medicare.gov

On this website, you will not only find additional, more detailed information, but by clicking on Formulary Finder, you can enter in each of the drugs you are currently taking and receive a list of the Medicare Prescription Drug Plans available in your neighborhood that carry all of your drugs in their formularies.

Or you can call and speak to a live Medicare Prescription Drug benefit expert 24 hours a day, 7 days a week at:

1-800-MEDICARE

(1-800-633-4227)

TTY: 1-877-486-2048