Medicare began offering prescription drug coverage in 2006. In 2010 in Iowa, people with Medicare can select from more than forty-eight Medicare-approved drug plans sponsored by various private insurers with a broad range of premiums. Two helpful web-based tools are available from Medicare and the National Council on the Aging to help compare the costs and benefits of the Medicare-approved drug plans in Iowa and other states. (http://www.medicare.gov and http://www.benefitscheckup.org)

 

Everyone who is eligible for Medicare is eligible for Medicare Prescription Drug coverage. You will need to decide if a Medicare drug plan will provide better coverage than what you have now.

For example, those who have drug coverage through a former employer or union may be better off to stay with their current retiree drug plan. But people who have no prescription drug coverage, or whose current drug plan covers less than Medicare’s plan, may benefit greatly by enrolling in one of the Medicare-approved drug plans. A decision to delay enrolling in a Medicare drug plan past your eligible enrollment date could result in a penalty with higher premiums over a lifetime.

Remember that the next open enrollment period is Novmber 15 - December 31.

Some people with limited financial means will qualify for extra help to cover their out-of-pocket costs for prescription drugs. Those who qualify and enroll in a Medicare-approved drug plan will get help in paying the drug plan’s monthly premiums, annual deductible, and co-payments. The Social Security Administration is accepting online applications for this extra help program. (https://s044a90.ssa.gov/apps6z/i1020/main.html)

 

Important Dates

 

November 15, 2010 - December 31, 2010

Next annual enrollment period.

January 1, 2011

Medicare coverage year begins.

 

Questions for people with Medicare

 

Do you have drug coverage as a veterans’ or military retirees’ benefit?

If you have prescription drug coverage through TRICARE-for-Life or the Veteran’s Administration, you do not need to enroll in a Medicare Part D prescription drug plan to keep your TRICARE benefits. If you decide to enroll in Medicare Part D prescription drug plan outside of your Initial Enrollment Period, you will not be required to pay the Medicare Part D late enrollment penalty because TRICARE prescription drug coverage is creditable coverage.

For the most up-to-date information on Medicare prescription drug coverage, visit the Medicare Care Part D Website.

 

Will you first be eligible for Medicare after May 15?

People who become eligible for Medicare will be able to enroll in a Medicare drug plan when they enroll for their other Medicare benefits.

 

Are you eligible for Extra Help:

Questions for people with limited income and cash resources

Who can get Extra Help?

Anyone who has Medicare can get Medicare Part D prescription drug coverage. Some people with limited resources and income are eligible for Extra Help to pay for the costs - monthly premiums, annual deductibles, and prescription co-payments - related to a Medicare prescription drug plan. To qualify for Extra Help:

• You must reside in one of the 50 states or the District of Columbia

• Your resources must be limited to $12,510 for an individual or $25,010 for a married couple living together. Resources include such things as bank accounts, stocks, and bonds. DO NOT count your house and care as resources; and

• Your annual income must be limited to $16,245 for an individual or $21,855 for a married couple living together. Even if your annual income is higher, you still may be able to get some help.

For more information about how to apply for extra help and to fill out an application please visit http://www.socialsecurity.gov/prescriptionhelp/ , or call 1-800-772-1213. For tips on how to complete the application for extra help (provided by the Social Security Administration) please visit http://www.ssa.gov/pubs/10122.pdf .

 

Those who qualify for Extra Help can enroll in a Medicare Prescription Drug Program at anytime.

CLICK HERE for details.

 

 

MAKING MEDICARE MAKE SENSE -

updates from the Centers for Medicare and Medicaid