Prescription Drugs

Under the Republican-led Congress, in 2004 for the first time in history, every senior in America had access to affordable prescription drug assistance.  Since passage of this important legislation, the Medicare Prescription Drug Improvement and Modernization Act (MMA), seniors have saved thousands of dollars on their life-saving prescription drugs, and the new program has received resounding support. 

If you are over 65, there are two open enrollment periods every year in which you may sign up for prescription drug assistance.  During those open enrollment periods, you are able to review your current plan or choose a new one that better meets your needs.  For an average of $24 per month, Medicare will cover 75% of your prescriptions between $250 and $2,250.  Medicare will even cover 95% of your catastrophic prescription drug costs, above $3,600.  

In 2007, if you are single and make less than $15,315 or are married and make less than $20,535, Medicare will offer additional help with your prescription drug costs.  These limits increase every year, so be sure to check with your local Medicare office for the most up-to-date numbers.  The premiums will be lower, the co-payments are reduced, and you will have no gap in coverage.  If Medicaid already covers your prescription drugs, the new benefit will automatically pay for your prescriptions. 

This benefit is completely voluntary – if you already have comparable prescription drug coverage from an employer, you can keep it.  If you do not have prescription drug coverage and you did not join by your next eligible enrollment date, you will be penalized a small amount for every month you delay.  This penalty usually amounts to about 27 cents per month, or an additional $2.00 on your future monthly premiums.  Please know that if you meet the low-income qualification standards, or if you currently have qualifying prescription drug coverage, you will not be assessed a penalty if you sign up in the future.

I encourage you to look through the plans available in Florida.  This voluntary benefit is estimated to saves seniors up to half on their prescription drugs. If you have any questions about the Medicare Prescription Drug plan, please contact the Medicare offices at 800-MEDICARE or visit www.medicare.gov.  You may also contact a local SHINE representative at 800-262-2243.

Related Documents:

On the Hill, Off the Cuff - HELPING 5TH DISTRICT SENIORS WITH HEALTH CARE COSTS 11.7.2008

On the Hill, Off the Cuff - MEDICARE PART D PREMIUMS 37 PERCENT BELOW EXPECTATIONS – SAVING 5TH DISTRICT SENIORS MONEY 9.19.2008

Press Release - REP. BROWN-WAITE STATEMENT ON BUSH ADMINISTRATION BUDGET PROPOSALS TO HIKE FEES AND COPAYMENTS FOR VETERANS 2.5.2008

On the Hill, Off the Cuff - ANNUAL COST OF LIVING INCREASE MUST TAKE SENIORS’ NEEDS INTO ACCOUNT 11.30.2007

On the Hill, Off the Cuff - HOW CAN GINNY HELP YOU? – MEDICARE PART B 2.23.2007


More Documents...

Related Files:

Seniors Support the Medicare Part D Plan

Medicare Part D Deadline Approaching

Medicare Prescription Drug Benefit

Medicare Prescription Drug Benefit