What is the Medicare Prescription Plan?

Beginning January 1, 2006 every Medicare patient became eligible for prescription benefits.  If you are a member of an HMO or other Medicare Advantage plan, you have coverage through that plan.  If you have original Medicare, you will have the opportunity to purchase a separate plan through insurance companies and other private companies approved by Medicare.

What will it cost?

There are different plans, each having its own costs depending on the plan and the benefits provided.  There is a monthly charge (around $37.00) and then a co-pay or deductible.  When you reach a certain limit, you will assume the cost of the medications until you reach the next limit and then the cost per prescription goes down.  As a member of a health plan that covers prescriptions, your monthly premium to belong to that plan may increase.  If you have limited income and resources, you might be able to get help with the drug plan costs.

· Yearly Deductible is $250

· Between $250 and $2250, you pay 25% and your plan pays 75%

· You pay 100% of the next cost up to a total of $3600, then the plan pays 95% and you pay 5%.

What if I have other coverage?
You must speak with the administrator of these plans, as electing to have the Medicare Part D may inactivate plans such as retirement through your previous employer. 

Important Dates;

It is important to know that each year you can renew your coverage during the open enrollment period from November 15 through December 31

For further information, visit the website www.cms.hhs.gov

Or call Medicare at 1-800-MEDICARE (1-800-633-4227)
Or visit their web site at www.medicare.gov