Medicare Part D Deadline Approaching

DEADLINE NEAR FOR 2009 MEDICARE DRUG DECISION
Time is running out for Medicare beneficiaries to review the dozens of private insurance plans offering Part D prescription drug coverage for 2009. The hard truth is those who plan on enrolling for the first time or changing plans had better do it this week if they expect coverage to begin Jan. 1. Although the 45-day open enrollment period runs through Dec. 31, consumer advocates and Medicare officials suggested early on in the process that seniors and the disabled have their enrollment completed as soon as possible to ensure uninterrupted coverage for prescription drugs. Switching plans near the end-of-year deadline could delay coverage as insurers deal with a barrage of changes. The bad news, as has been the case since Part D was implemented in 2006, is monthly premiums have increased an average of 24 percent. As many as 90 percent of beneficiaries in plans will see price increases, according to the National Senior Citizens Law Center. The good news is that if you satisfied with your current drug coverage, you don’t have to do a thing. To compare plans, go to www.medicare.gov but be sure to check with your plan of choice before making a final decision because costs may have changed.

MEDICARE PART D COSTS FOR 2009

Part D plan costs change every year and each private plan has different costs, so check with plans in your area to find out what you will pay. With most plans, you pay a monthly premium and part of the cost of each prescription (copayments or coinsurance) until total drug costs paid by you and the plan equal $2,700 (for most plans) Then you may have to pay the full cost of your drugs during the coverage gap, or “doughnut hole”). If you spend $4,350 in 2009 in out-of-pocket drug costs, you will then pay no more than 5 percent for each prescription (plus the premium).

Premiums $30.36/month national average (Every plan has a different premium.)

Deductible Up to $295 annually (Plans can choose to have a lower deductible.)
Coverage Gap Threshold $2,700 (This is the amount that you and the plan must spend in total drug costs in most plans before you will hit the coverage gap.)
Catastrophic Coverage Limit $4,350 (This is the amount you must spend out of pocket before your drug costs go down significantly for the rest of the year.)

To learn more about the costs and coverage under Medicare Part D, log on to Medicare Interactive at www.medicareinteractive.org/teachers, which is brought to you by American Federation of Teachers and New York State United Teachers. Medicare Interactive Counselor is a resource provided by the Medicare Rights Center, the largest independent source of healthcare information and assistance in the United States for people with Medicare coverage.

//Thanks to Elaine Jones for this information from the Teachers' Union//

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