Top 5 Things You Should
Know About Medicare Changes For 2006
New
prescription drug
plans (PDPs)
This fall, insurance companies will offer
Medicare
prescription drug plans that will take effect in
2006. The
plans make up Medicare “Part D” coverage and can
help
you save money on prescription drugs.
New plans replace
drug discount cards
The PDPs replace the Medicare-approved drug discount
cards. You can use your drug discount card until May
15,
2006, or until you join a Medicare prescription
drug plan,
whichever is first.
Sign up on time
If you want a PDP, your premiums will likely be
lower if
you enroll between November 15, 2005, and May 15,
2006. If you don’t join during this time, your premiums
may
be increased by one percent for every month you
delay.
The PDP by itself only gives you
prescription coverage and
can
be used with Original Medicare
or a Medigap plan. If you
choose a Medicare Advantage plan
with Medicare prescription
drug coverage, you’ll also have
coverage for doctors’ visits
and hospital care. Be careful
when considering PDPs that are
separate from your Medicare
Advantage (MA) plan. If you
enroll in a PDP by itself, you
may lose your existing MA
benefits.
New guidelines for
changing Medicare plans in
mid-year
In the past, you could change Medicare plans at different
times during the year. Beginning in 2006, the new Federal
law generally allows you to make only one change during
the
year – and the kinds of changes you can make are
limited.
Dates to Remember
January 1, 2006 Medicare prescription drug coverage begins for those
enrolled by
December 31, 2005.
January 1–June 30, 2006 If you’ve already enrolled in prescription drug coverage,
you
can switch to a different plan during this period.
May 15, 2006 Last date this year to enroll in a Medicare prescription
drug
plan. For every month you wait after this date, your
Part D
premium goes up one percent.
July 1–December 31, 2006 Except in limited circumstances, you cannot switch plans
during
this time. You must keep the coverage you have
until the end of
2006.
For access to Medicare Part D information, become an
Americans50Plus
member
today!
Medicare-approved HMO, PPO and PFFS plans available to
members enrolled in Part B and entitled to Part A of Medicare
through age or disability who continues to pay Medicare
applicable
premiums.
A Medicare approved Prescription Drug Plan available to anyone
enrolled in Part B and/or entitled to Part A of Medicare through
age or disability who continues to pay Medicare applicable
premiums.
Copayment, service area and benefit limitations apply.
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