Medicare Prescription Drug Insurance Medicare Part D

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Medicare Prescription Drug InsuranceMedicare Part D Presented By: Dupage County Senior Services 630-407-6500
,Agenda What is Medicare Part D?
Extra Help (financial assistance) for people with limited income and resources How Medicare Part D will apply to you, depending on your current drug coverage How Medicare Part D will work with state programs (Senior Care and Circuit Breaker Pharmaceutical Assistance) Questions ,Medicare 2006 Part A-Hospitals
Part B-Physicians and equipment Part C-Medicare Advantage plans Part D (NEW)-Prescription Drug Assistance ,What is Medicare Part D? A government-sponsored insurance program for ALL people with Medicare Part A and/or Part B
Designed to decrease drug costs for recipients Not intended to pay 100% of drug bills Provides extra help for low income recipients ,Medicare Part D Medicare will contract with private companies (17 Companies)
Prescription Drug Plans-Formularies Medicare and You Handbook-More Information about plans Pick a Plan that covers your prescriptions ,ENROLLMENT PERIOD November 15, 2005 through May 15, 2006
Penalty if you enroll after May 15, 2006 ,Postponing Enrollment Higher premiums for people who wait to enroll
Exception for those with coverage as good as a Medicare prescription drug plan
Premium will increase 1% for every month that eligible but did not enroll ,How the Plans Work Must offer standard drug benefit
Can be flexible and offer supplemental or enhanced benefits May offer several levels or tiers ,Standard Medicare Prescription Drug Coverage &Cost $32.20 per month
$250 yearly deductible Medicare covers 75% of Drug cost up to $2,250 $2,251 to $5,100 Client pays 100% of cost $5,100.01 and up Medicare pays 95% of cost ,Medicare Plan Options in Illinois 9 plans will offer benefits nationwide
1 plan will cost less than $20/month 6 plans will cost under $24.99/month 8 plans will cost under $29.99/month 14 plans will cost under $34.99/month ,Extra Help People on Limited Income are eligible for extra help to cover the cost.
“Extra Help” will pay for Premiums and Deductible Complete an “Extra Help” Application ,To Get This Extra Help Qualify for Extra Help
If resources are
Less than $11,500 (single)
Less than $23,000 (married) AND Limited income Less than $14,355(single)
Less than $19,245(married) ,How Will Medicare Part D Apply to You?? The new Medicare prescription drug program will apply to individuals differently depending on current drug coverage.
,Medicare and Medicaid Prescriptions will now be paid for by Medicare
You do not need to fill out an extra help application You will need to pick a plan If you do not enroll in a plan before Dec.31st, 2005, one will be randomly assigned to you. ,Medicare and SSI/Disability orMedicare Savings Plans You will automatically be eligible for “extra help”
You do not need to fill out application You will need to pick a plan ,Medicare and Retirement Plan You will receive a letter in the fall from your benefits administrator to let you know if your plan is as good or better than Medicare.
Must be notified before Nov. 15th You make the decision to stay with your current plan or change to Medicare D If plan is as good as Medicare you will not be charged penalty for enrolling at a later date Be sure to keep letter in a safe place ,Medicare and Medigap (H,I and J Plans) Supplemental plans with Drug Coverage
Will need to choose either to keep current plan or enroll in Medicare D These plans are not considered to be as good as Medicare Part D. Higher premiums will apply after May 15th, 2006. ,Medicare Drug Discount Cards Current cards are valid until enrolled in Medicare Part D or May 15, 2006.
,Illinois Cares RX Gov. Rod Blagojevich enacted Illinois Cares Rx, which Leaves No Senior or Person with Disabilities Behind, in June 2005.
It is the most comprehensive plan in the nation Illinois Cares Rx will continue SeniorCare and the pharmaceutical portion of Circuit Breaker sta

 

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