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Medicare Prescription Drug Coverage What is Medicare Prescription Drug Coverage? This fall, Medicare and the Medicare plans in your area will send you information, and you will get help with deciding which drug plan works for you. Information about all of the available Medicare prescription drug plans in your area will also be available on this website. This information will also be included in the Medicare & You handbook.
What if you already have a Medicare Supplement that covers prescriptions? You will be able to keep your Medigap policy and get a Medicare prescription drug plan. Medicare’s new prescription drug coverage will typically pay over half of your drug costs next year, for a monthly premium. It will also provide peace of mind because it protects you once your out-of-pocket drug spending is more than $3600 a year. You have two choices. You can choose to take advantage of this coverage by joining a Medicare prescription drug plan that covers prescription drugs only, and keep the rest of your Medicare coverage just the way it is. Or, you can join a Medicare Advantage or other Medicare Health Plan that covers your doctor and hospital care as well as your prescriptions, usually with extra benefits and lower costs. This fall, Medicare and the Medicare plans in your area will send you information, and you will get help with deciding which drug plan works for you. What if you are in a Medicare Health Plan (Medicare Advantage or Medicare Cost Plans)? Medicare is working with your Medicare Advantage Plan or other Medicare Health Plan to help them provide even more coverage or lower the cost of your existing coverage. This October, your plan will let you know about the prescription drug options they will offer. - Your plan already covers prescriptions - If your Medicare Advantage Plan (like an HMO) already covers prescription drugs, this coverage may change as a result of these new plans. You may not need to join a Medicare prescription drug plan because your plan is already offering drug coverage. You would pay your monthly Part B premium and a premium to your plan. If your Medicare Advantage Plan only pays for a small amount of your prescription drugs, these plans can decide to offer more drug coverage. You may want to compare your current Medicare Advantage Plan to other Medicare prescription drug plans, and see if another option will better meet your needs. - Your plan doesn't cover prescriptions - If your Medicare Advantage Plan (like an HMO) decides to offer a Medicare prescription drug plan, you must take the prescription drug coverage your plan is offering. If you don’t want this coverage, you must change plans. You can look at other Medicare Advantage Plans and change to one that better meets your needs. If your Medicare Advantage Plan doesn’t cover prescription drugs and decides not to offer a Medicare prescription drug plan, you may want to consider other options that offer this coverage. These may include other Medicare Advantage Plans or switching to the Original Medicare Plan (Part A and Part B) with a supplemental Medicare prescription drug plan. What if you live on a limited income and resources? Almost 1 in 3 people with Medicare will qualify for extra help that will cover between 85% and 100% of the costs of their drugs. Most people who are eligible for this extra help will pay no premiums, no deductibles, and no more than $5 for each prescription. The amount of extra help will be based on income and resources (including savings and stocks, but not counting your home or car.) You may qualify if your resources are less than $11,500 if you are single, or $23,000 if you are married and living with your spouse You can call 1-800-SSA-1213 for more information. If you qualify, you will need to join a plan this fall for your coverage to start January 1, 2007. Need more information? You can find more information about the New! Medicare Prescription Coverage in our Medicare Guides section. Or call 1-800-MEDICARE.
Senior Care Concepts, 2008 |
