Medicare Part D Prescription Drug Plans

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The Annual Open Enrollment Period is November 15th to December 31st for Medicare Advantage Plans. The Annual Election Period runs from November 15 through December 31 each year. During this time, AEP, Medicare beneficiaries may change prescription drug plans, change Medicare Advantage plans, return to original Medicare, or enroll in a Medicare Advantage plan for the first time. Enrollment changes take effect on January 1.

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Starting October 1, 2009 Insurance Companies offering Medicare Supplement Plans in Florida must also offer the Medicare supplements to people on Medicare due to disability. There is a limited open enrollment period. Please contact me immediately for information on underage Medicare supplements so you can decide if that is best for you. Please click on the button below to receive information on underage Medicare Supplement plans.

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Medicare Part D Prescription Drug Coverage

Medicare prescription drug coverage is insurance that covers both brand-name and generic prescription drugs at participating pharmacies in your area. Medicare prescription drug coverage provides protection for people who have very high drug costs or from unexpected prescription drug bills in the future.

Everyone with Medicare is eligible for this coverage, regardless of income and resources, health status, or current prescription expenses.

You may sign up when you first become eligible for Medicare (three months before the month you turn age 65 until three months after you turn age 65). If you get Medicare due to a disability, you can join from three months before to three months after your 25th month of cash disability payments. If you don't sign up when you are first eligible, you may pay a penalty. If you didn't join when you were first eligible, your next opportunity to join will be from November 15, 2008 to December 31, 2008.

Your decision about Medicare prescription drug coverage depends on the kind of health care coverage you have now. There are two ways to get Medicare prescription drug coverage. You can join a Medicare prescription drug plan or you can join a Medicare Advantage Plan or other Medicare Health Plan that offers drug coverage.

Whatever plan you choose, Medicare drug coverage will help you by covering brand-name and generic drugs at pharmacies that are convenient for you.

Like other insurance, if you join, generally you will pay a monthly premium, which varies by plan, and a yearly deductible. You will also pay a part of the cost of your prescriptions, including a copayment or coinsurance. Costs will vary depending on which drug plan you choose. Some plans may offer more coverage and additional drugs for a higher monthly premium. If you have limited income and resources, and you qualify for extra help, you may not have to pay a premium or deductible.

Medicare prescription drug coverage provides greater peace of mind by protecting you from unexpected drug expenses. Even if you don't use a lot of prescription drugs now, you should still consider joining. As we age, most people need prescription drugs to stay healthy. For most people, joining now means protection from unexpected prescription drug bills in the future.

Medicare Part D Prescription Plan Minimum Benefits for 2009

	Deductible – A deductible of $295. You usually pay all of your drug costs, up to $295. After you have paid $295 deductible for your drugs, you usually pay 25% of your prescription drug costs up to $2,700.
	Plan must pay 75% of the prescription cost up to coverage limit
	Initial Coverage Limit – The coverage limit is $2,700. Once this limit is reached for prescription drugs, your coverage stops. You are responsible for paying 100% of the drug costs up to $4,350 (including the costs of the deductible and coinsurance). This period is known as the Coverage Gap or Donut Hole.
	Catastrophic Coverage – Once you have reached the out-of-pocket costs of $4,350, you qualify for catastrophic coverage. You will pay no more than 5% of your drug costs for the remainder of the year.
	Coverage Gap or Donut Hole - This is when you would be paying 100% of your prescription drug costs you qualify for catastrophic coverage.
	Formulary - A list of medications covered with the benefit plan; often represents the level of cost sharing associated with various groupings of medications (Generic, Preferred Brand, Non-Preferred Brands). The published lists usually only show the Preferred Brands or Preferred Drug List.

Medicare Part D Prescription Plan Minimum Benefits for 2010

	Deductible – A deductible of 310. You usually pay all of your drug costs, up to $310. After you have paid $310 deductible for your drugs, you usually pay 25%, the plan pays 75% of your prescription drug costs up to the coverage limit of $2,830.
	Initial Coverage Limit – The coverage limit is $2,830. In this part of the plan, the plan pays 75% of the prescription costs up to the coverage limit of $2,830. Once this limit is reached for prescription drugs, your coverage stops. You are responsible for paying 100% of the drug costs up to $4,550 (including the costs of the deductible and coinsurance). This period is known as the Coverage Gap or Donut Hole.
	Catastrophic Coverage – Once you have reached the out-of-pocket costs of $4,550, you qualify for catastrophic coverage. You pay the greater of 5% the total medication cost or $2.50 for generics and $6.30 for brand
	Coverage Gap or Donut Hole - This is when you would be paying 100% of your prescription drug costs you qualify for catastrophic coverage.
	Formulary - A list of medications covered with the benefit plan; often represents the level of cost sharing associated with various groupings of medications (Generic, Preferred Brand, Non-Preferred Brands). The published lists usually only show the Preferred Brands or Preferred Drug List.
	Late Enrollment Penalty - If the consumer does not enroll during their initial eligibility period, a penalty of 1% of the national average Medicare Part D premium is assessed for each month the consumer delays enrollment. This is a Medicare requirement and cannot be waived or changed by the plan. Unless the person qualifies for an exception, such as having creditable coverage, the penalty is added to the monthly premium and is paid as long as the person is enrolled.

Please call 1-888-592-0311 extension 702 or email for information

John K. Arnold
Florida Health Insurance
Group, Employee Benefits & Individual Health Insurance Specialist
Website Address www.floridahealthinsurance.com
E-Mail: John K Arnold

Phone: 407-592-0311
Phone: 888-592-0311 X 702
Fax: 407-386-7053
Skype: john.k.arnold
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