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Medicare Part D The information which appears below is valid for the 2006 calendar year. Some of this information may change as new government and plan guidelines are released from year to year. Click here to view income guidelines for receiving extra financial assistance with Medicare Part D. Click here to view expected annual rates for Medicare Part D (2007-2013)
In January 2006, the Medicare Part D prescription drug program officially began. However, Medicare enrollees began signing up for the program on November 15, 2005. Following are some frequently asked questions about the program. Of course, your pharmacists and staff at Big C are happy to work with you one-on-one to ensure that you make the best decision possible in light of your unique situation! What is Medicare Part D? Medicare Part D is a prescription drug benefit established by the Medicare Modernization Act and designed to help make prescription medications more affordable for seniors and other Medicare beneficiaries. It is available to anyone enrolled in Medicare Part A and/or Part B--regardless of his or her age. How much will it cost me? The average monthly premium for a Medicare Part D drug plan in the state of Georgia in 2006 is $32.20. Some programs cost more; some cost less depending on the benefits they offer. Most enrollees choose to have this automatically deducted from their Social Security benefits each month. What if I can't afford to pay the premium? Check with the Social Security Office to see if you qualify for extra assistance with the costs of Part D based on your income. If you are enrolled in Medicaid, you will automatically receive extra assistance. Couples who make less than $19,245 per year and who have less than $20,000 in savings/assets and individuals who make less than $14,355 per year and have less than $10,000 in savings/assets may be able to get reduced premiums, deductibles, and prescription copays. Ask your Big C staff how you can find out more details about this assitance. Don't delay in contacting the Social Security Office! Or, you can apply online at www.ssa.gov/prescriptionhelp/. What if I have retiree drug coverage through my employer? You need to request a letter of creditable coverage from your employer as soon as possible if you haven't already received one. This is a document stating that the drug coverage you currently receive through your former employer is equal to or better than the coverage provided under Medicare Part D. If you currently have creditable coverage, you do not need to sign up for Medicare Part D. However, if you current coverage is not creditable, you will need to sign up for Medicare Part D. If you don't sign up for Medicare Part D and do not have creditable coverage, you may be penalized if you sign up for Part D at a later date. Put this document in a safe place once you have received it! I missed the enrollment deadline. When can I sign up again? The yearly open enrollment period will take place from November 15 through December 15. During that time, enrollees can make changes to their current Part D plan or people who missed the previous deadline can choose to sign up for the upcoming year. If you missed the deadline previously and did not have adequate coverage from an employer or retirement plan, you will have to pay a 1% per month higher premium than other enrollees. For instance, if you missed the May 15, 2006, deadline and waited until December 15, 2006, to sign up, you will pay a 7% penalty for the rest of your life as long as you are enrolled in Medicare Part D. Don't wait for more penalties! Talk to your pharmacist to determine if Medicare Part D is for you! I didn't turn 65 until after May 15, 2006. Will I be penalized, too? No! Medicare will allow beneficiaries who are new to Medicare to sign up within a certain period of time after becoming Medicare-eligible. Don't wait until your Medicare coverage begins. Go talk to your pharmacist a few months before your Medicare coverage begins to get squared away. |
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