The first two parts of this series of Medicare articles discussed the mail newly eligible Medicare recipients will receive around their 65th birthday and the different types of Medicare coverage available. This final article will conclude with the Medicare Prescription Drug Plan and the Medicaid program.
Medicare Part D (Medicare Prescription Drug Coverage) helps cover prescription drugs and may lower your prescription drug costs as well as help protect against higher costs in the future. This coverage is sold by independent insurance companies approved by Medicare.
In order to choose the best plan for your situation you need to compare your prescriptions to all the plans available. This is where some help might be necessary. If you are computer savvy you can go on-line to www.medicare.gov and navigate the Medicare Prescription Drug Plan Finder. You can also call the Medicare Help Line at 1-800-MEDICARE or contact a SHIIP volunteer for assistance. Either way your prescription names, strengths and dosages are put in the Medicare Prescription Drug Plan Finder computer program. Through the magic of computers it ranks all the plans available in your area (52 in Nebraska) by how much it will cost you to carry their plan for the year.
If you choose not to enroll in a Prescription Drug Plan now, but decide to enroll next year you will be faced with a penalty. This penalty is 1% of the national average premium for every month you didn’t enroll until the next open enrollment opportunity which is November 15-December 31. The penalty will be applied to your prescription drug plan premium every month…forever. Even if you are not taking any prescriptions right now it is wise to check into the least expensive coverage (around $14/month) in order to secure this Medicare prescription coverage and protect yourself from future penalty fees.
Each year during the Medicare Open Enrollment Period from November 15-December 31 you can check your current prescriptions against all the Medicare Prescription Drug Plans offered to see which one will cost you the least money for your drugs. This frustrates a lot of people who don’t like to consider changing a plan, but just like your prescriptions may change over the year, each of the Medicare Prescription Drug Plans can change their premiums, deductibles and formularies of drugs covered. It is definitely worth your effort each and every year to make sure you are getting the most for your money.
Medicaid is a joint Federal and state program that helps pay medical costs for some people with limited income and resources. Some people qualify for both Medicare and Medicaid (they are called “dual-eligibles”). The income limits for Medicaid vary from state to state. Call your county Health and Human Services office to see if you qualify or for more information about Medicaid. The phone number is listed in the blue government section of the phone book under state or county government offices. You may also visit www.medicare.gov on the web, or call 1-800-MEDICARE (1-800-633-4227) to get the telephone number for your State Medical Assistance office.
Individuals who do not qualify for Medicaid may be eligible for help paying their prescription plan premiums through the Social Security Administration. Contact the Social Security Office at: 1-800-772-1213, the SHIIP office at 1-800-234-7119 or Mary Loftis, UNL Extension Assistant in Burt County at 402-374-2929 for more information on any Medicare health or insurance issue.
Written by: Mary Loftis, UNL Extension & SHIIP Volunteer
Reference used: "2008 Medicare & You" distributed by Centers for Medicare and Medicaid
