Get On Board With Medicare Part D
There are big changes coming for the 41 million people enrolled in Medicare.
Nov. 15 is the beginning of Medicare Part D, a plan designed to help seniors pay for their medications.
The benefits, however, don't come automatically. Many insurance companies are offering dozens of options.
Cheryl Matheis, the director of health strategies for AARP, visits The Early Show to sort through the maze of information.
"The good news is that there is lots of time to make decisions and there is a lot of help available," Matheis says. "People have six months — until May 15, 2006, to sign up. This is a very long window to sort through all the information and make a decision.
"If you wait until after May 15, 2006, you will pay a penalty and a higher premium and you'll have to wait until the next open enrollment, November 2006."
Who is eligible for Medicare D?
"Everyone who already has Medicare, generally people over 65 years of age and people with disabilities," Matheis says. "If you have Medicare, you're eligible. Medicare provides doctor and hospital coverage. This is a new part that's for prescription drugs and it's a very good deal for seniors."
Making a decision
"Seniors should write down all their drugs and the dosages, write down what they cost," Matheis says. "You then check the plans in your area and can make a decision based on what drugs (generic or not) you take, where you get them (by mail or at a pharmacy), and how much you want to pay (deductible or not)."
Understanding drug coverage
"All of the plans cover drugs for all diseases. But they don't all cover all drugs for all diseases," Matheis says. "Most of the drugs taken by seniors are covered by most of the plans." For example, there may be five different drugs used to manage high blood pressure. Some plans may not cover all five drugs, but will cover three of the medications."
Matheis says it is best for seniors to enroll even if they currently don't have a lot of drug expenses. Enrolling after the initial enrollment ends will result in higher premiums, a penalty, and it will delay your coverage.
Costs
"The national average is $32 a month. The lowest is under $2 a month, but most of them are in the $20, $30 range," Matheis says. "The higher-cost ones will provide more benefits. They are likely to cover the 'donut hole' and maybe even your $250 deductible."
There is additional assistance available for those with limited income. If you're single and make under $14,355 or married and make $19,245 a year, there are special programs to help you. Those people need to contact social security and get an application to be part of that program.
For more information, visit the following Web sites:
- www.medicare.gov 1-800-MEDICARE
- www.aarp.org 1-888-OUR AARP
- www.socialsecurity.gov 800-772-1213