Outreach Initiative for the New Medicare Prescription Drug Program
In 2003, President Bush and Congress passed the Medicare Prescription Drug, Improvement and Modernization Act, which was developed in order to improve Medicare. This law will lower prescription drug costs for all people with Medicare. Also, people with limited income and resources are able to apply for extra help with drug costs. This program is for everyone; it affects all people with Medicare, regardless of their income.
The Baltimore County Department of Aging Senior Health Insurance Assistance Program will be offering informational sessions throughout Baltimore County, during the fall of 2012, to assist older adults and caregivers select a drug plan. Please contact Maryland Access Point (MAP) of Baltimore County (formerly Senior Information and Assistance) at 410-887-2594 for further information.
Top Five Things Everyone Should Know
1. All Medicare Beneficiaries need to evaluate whether their current coverage is “creditable” meaning equal to or better than the Medicare Prescription Drug Program. If you delay enrolling in the Medicare Prescription Drug Program when you are first eligible, and your current prescription coverage is not “creditable”, you will pay a one percent higher premium per month for every month you did not join a plan.
2. When selecting a Medicare Prescription Drug Plan it is important to make an educated decision when selecting a plan, changing your plan, or evaluating whether to keep your current plan or change to a new plan in 2009. You should research and compare the various drug plans with your medications list to select the best coverage for you based on cost, coverage, and/or access. The best way to do this is go to www.medicare.gov and use the comparison tool.
3. The Medicare Prescription Drug Program has a monthly premium that varies with each plan, associated with its coverage. Drug plans may also have deductibles and they do have copayments toward the cost of prescriptions. When you join the Medicare Prescription Drug Program and use the plan’s network pharmacies, you’ll pay less.
4. Each drug plan has a different list of preferred drugs it will cover called a “formulary list.” You will need to check which drug plan covers all or most of your medications at the best cost. Exceptions may be granted by your drug plan.
5. There is extra help (federal and state) for those who are low-income eligible: premiums can be reduced or eliminated, and other payments can be decreased. It is important to apply in a timely manner.
Revised January 10, 2012
