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Beginning at the first of next year, the Medicare that millions of older Americans have come to rely on will begin to cover the cost of medicines. The United States Congress sent an important piece of legislation to the President that will soon help approximately 42 million people afford their monthly prescriptions. The Medicare Prescription Drug plan is one of the biggest improvements to Medicare in the 40-year history of this program. But to take advantage of it, you must sign up. Although full implementation of this legislation does not begin until January 1, 2006, there are a few key dates you should be aware of now.
You may have signed up last year for a prescription drug discount card. While you can sill sign up for and use this discount card to receive assistance in paying for your medications, the card will expire at the end of the year when the new comprehensive Medicare Prescription Drug benefit goes into effect. Please remember, the new benefit, which begins next year is entirely optional. But, if you do not already have prescription drug coverage or you are looking for better coverage, the new benefit is worth considering. Extra help will be available for those who need it, and a choice of plans will be available for you to pick which one meets your needs.
The Prescription Drug Plan will provide many Medicare beneficiaries with extra savings on their monthly medicines. After paying a $250 deductible, seniors will have access to a drug benefit that covers 75 percent of your prescription costs up to $2,250. After you pay $3,600 in out-of-pocket costs, Medicare will pay for 95 percent of the rest of your prescription costs. Some seniors have very high drug costs – much greater than the average person. To help those seniors cover costs, the new prescription plan will offer additional help. The plan will also offer more help to people with limited income and resources.
From June through August 2005, million of Medicare beneficiaries who may be eligible for extra help will be mailed an Application for help with Medicare Prescription Drug Costs. If you receive an application, you should complete and return it as soon as possible. If you don not receive an application in the mail or do not want to wait, you can get one by calling Social Security at 1-800-772-1213. After you apply, Social Security will review your application and send you a letter to let you know if you qualify for the extra help. Once you qualify for this additional help, you will still need to enroll in a Medicare-approved prescription drug plan to get help with your medicine costs.
For those who don't qualify for additional help, be watching the mail in October of this year for the Medicare and You handbook on instructions on how to join a plan. You will be able to sign up for a plan as early as November 15, 2005.
Every one already in Medicare, and those joining Medicare for the first time should seriously look in to the new prescription drug coverage options. For more information on the new Medicare Prescription Drug plan you can call 1-800-MEDICARE or visit www.medicare.gov.
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