Frequently Asked Questions
What is Medicare prescription drug coverage?
Beginning January 1, 2006, new Medicare prescription drug plans will be available to people with Medicare to help cover the cost of prescription drugs. Like other insurance, you will pay a monthly premium and pay a share of the cost of your prescriptions. Costs will vary depending on the drug plan you choose and where you live.
Do I have to enroll in Medicare prescription drug coverage?
No, enrollment in Medicare prescription drug coverage is voluntary. However, if you don't enroll when you first become eligible, or have creditable coverage, you may have to pay a late enrollment penalty if you enroll later on.
What is creditable coverage?
Creditable coverage is prescription drug coverage that expects to pay at least as much or more than Medicare's standard prescription drug plan. The coverage may be provided through
- a Medicare prescription drug plan
- an employer plan
- another source, such as the Veterans Administration (VA) or TRICARE
Having creditable coverage allows you to enroll in Medicare Part D during a future open enrollment period without paying a late enrollment penalty.
Are all Medicare Part D plans offering the same level of benefits?
All Medicare Part D plans must offer coverage that expects to pay at least as much or more than Medicare's standard coverage. However, not all Medicare Part D prescription drug plans are the same. The plans may vary with respect to the list of approved drugs, the network pharmacies, the premiums, copayments or coinsurance and cost share and whether a mail service and other optional benefits are included.
Where can I get more information?
If you have questions about Medicare in general, contact Medicare 24 hours a day 7 days a week at 800.MEDICARE (800.633.4227). (TTY/TDD: 877.486.2048) or visit www.medicare.gov on the Web.
Am I eligible for financial assistance from the government to help cover the cost of the Medicare Part D prescription drug coverage?
The government has certain financial conditions that need to be met in order for you to qualify for additional financial assistance under Medicare Part D. People with low incomes and a relatively small amount of savings are eligible for Extra Help to assist you with paying the annual deductible, premiums, and coinsurance or copayments related to Medicare prescription drug coverage. In addition, many state pharmacy assistance programs may supplement the Part D benefit. If you apply for this assistance, the government will notify you by letter if you qualify.
Information about this Extra Help is available from the Social Security Administration (SSA). You can visit SSA online at www.socialsecurity.gov , or call them at 800.772.1213 (TTY 800.325.0778).