Medicare Prescription Drug Plan Guide

What is Medicare Part D?

Medicare prescription drug coverage (part D) is a lot like other insurance you have used throughout your life. Medicare Part D covers prescription drug costs only. A private health insurance company manages it for a monthly premium.

Part D is open to everyone on Medicare, regardless of income.

Part D plans generally include low co-payments or co-insurance for both brand name and generic prescription drugs. Whether you are seeking coverage, or have it with another plan, the right Medicare Part D plan can save you money.

You can choose Part D coverage as a stand –alone prescription drug plan. You can also get Part D as part of Medicare Advantage Plans, which offer benefits beyond prescription drugs for a higher premium. You always have lots of options.

Choose a plan that works the hardest for you.

5 Simple questions you need to ask.

• Does my plan live up to Medicare standards?

• What are my up-front costs?

• Will the plan cover the drugs I need today and tomorrow?

• Is this the simplest plan, or are extra steps needed to get my drugs?

• How much do I pay for each drug?

Open enrollment ends December 31st.

You can apply after December 31 without penalty if you meet ANY of these criteria.

1. You turn 65 after the December 31 plan submission deadline

2. You qualify for Medicare’s Low Income Subsidy Assistance.

3. You move out of your plan’s service area.

4. You and your spouse are both enrolled in Medicare and Medicaid.

5. You live in, or move into or out of an institution ( like a nursing home)

6. You have creditable prescription drug coverage and that coverage ends.

What will I pay with Medicare Part D?

How much coverage will I get?

• You pay a monthly premium, which varies from plan to plan.

• Depending on your plan you pay an annual deductible of $0 to $275.

• The plan will then cover prescription expenses with co-pays up to $2,510. Co-pays vary by plan.

• At this point coverage stops and you pay all prescription costs until your total prescription expenses reach $5,726.25. You may be able to choose a Part D insurance plan to handle some or all of these ”out of pocket” costs, or buy additional coverage on your own. It’s often called “gap insurance” and it’s available form a wide range of providers.

• After your expenses go over $5,726.25, your Medicare drug plan pays 95% of your covered costs. You just pay 5%, no matter how high your drug costs go in 2009.

What if I already have a Medicare Part D plan?

Why change now?

Every eligible Part D plan must meet a minimum standard outlined by Medicare.

But why just settle for just good enough, when this year’s plan may not be the best answer? Formularies, premiums, deductibles and more can change from one year to the next. So a new plan may be better for your needs.

It’s time to go shopping. That’s what Open Enrollment is really all about. You’re shopping for insurance. And it can pay to shop around.

Who wouldn’t want to get more prescriptions filled for less money?

Why spend the next year wondering if you could have spent less?

Give us a call to help you navigate through your many options with Medicare Part-D.

Note: Please have the following information for our agent when you call-

• Write down all of your current drugs. By Name, Strength and Dosage.

• What is your current insurance for your Part D insurance?

• Monthly Premium you pay.

• And what you pay for out-of-pocket for the drugs you currently take.

YOU MAYBE ELIGIBLE FOR EXTRA HELP PAYING FOR A PLAN.

• If your income is less the $15,315 (single) or $20,535 (married and living with your spouse) and your combined savings, investments, and real estate (other than your home) are not worth more than $11,710 ( single), or $23,410 (married and living with your spouse) you may be eligible for extra help .

Mark these key dates For Medicare Part D.

October 15-30th “Medicare and You” handbook with information, plans and coverage options is mailed by Medicare to all eligible recipients.

October 31st The deadline for Part D drug plans to mail yearly plan information.

Please review this material with care to note any changes or deficiencies for your situation.

November 15th The first day you can sign up or re-enroll for a Medicare prescription drug plan. We recommend that you submit your materials before

December 8th to avoid late entry penalties and ensure that your benefits start on January 1.

December 31st is the last day to enroll or to switch Medicare part D plans, unless you meet one of the criteria listed above.

January 1st Medicare prescription coverage begins.