Medicare Part D: Who should sign up?
by: Wyoming Legal Services - Lander Office
Medicare Part D: Should I sign up?
If you get Medicaid or Supplemental Security Income (SSI)
A private Medicare drug plan will now cover your drugs. You must sign up for Part D. If you don't, you will automatically be signed-up in a plan on January 1, 2006. It may be a plan you don't want, but you have a chance to change your plan before May 15, 2006. You will also get Extra Help to cover the cost of the plan. Your costs will be very small.
If you have Medicare
If you don't sign-up for Part D, you still get to keep Parts A and B. Not everyone needs to get Part D. You should think about a few things before deciding to sign up.
- Do you already have a drug plan from your employer or the Veterans' Administration? If you do, are you happy with your plan? Would a Medicare plan give you better coverage?
- How much do your prescriptions cost, if you take any at all? Would a Medicare plan save money?
- Will one of the plans cover the drugs you take?
- Will you be able to use your pharmacy?
- Will you be able to get Extra Help to pay for a plan?
The penalty for signing up late
You have until May 15, 2006 to join a plan without penalty. If you join after that, you have to pay a penalty. The next time you can join is November 15, 2006. The penalty is a premium increase of 1% per month for every month that you wait to join.
Example: If you wait until November 15, 2006 to join, your premium goes up 6%.
Exception: There is an exception for people with drug plan from the VA or their employers. If your plan is as good as Medicare's plans, you don't pay a penalty if you join Medicare late. If your drug plan is dropped, you can join Part D within 63 days without penalty.
Need help deciding
Wyoming Senior Citizens, Inc. has volunteers across the state to answer your questions. You can call them at 1-800-856-4398. They can answer your questions over the phone. You can also ask to meet with a volunteer.
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