Medicare Part D Revisited

Saturday, October 1, 2005

Things are getting very busy regarding Medicare Part D.   Insurance companies that sell Medicare supplements are getting their information out to medigap policyholders regarding the plans that they offer.  Other companies are soliciting by mass mailings.  What are the things you should remember?  Here are a few:

You are eligible if you have Medicare Part A or are enrolled in Medicare Part B.   The first day you can sign anything is November 15, 2005.   Coverage will not begin until January 1, 2006 at the earliest.  If you wait until after May 15, 2006 to enroll, you will be penalized.   If you already have "creditable coverage" through another source, the penalty will not apply.

The key for those on Medicare will be to find a plan that has the best coverage based on the RXs the individual is taking.  For example, two companies may both cover Lipitor but one has a copay of $20 and the other has one of $30.  A person needs to know this information before getting started.