Important Information about Medicare?s New Prescription Drug Plans

Important Information about Medicare?s New Prescription Drug Plans
July 8, 2005

Greetings residents of Texas District 24. Starting January 1, 2006, Medicare will offer prescription drug plans to help you pay for prescriptions you need. These drug plans will be available to people with Medicare. Insurance companies and other private companies will work with Medicare to offer these plans and negotiate discounts on drug prices.

Medicare prescription drug plans provide insurance coverage for prescription drugs. If you join you will pay a monthly premium (generally about $37 in 2006), as well as a share of the cost of your prescriptions. Costs will vary depending on the drug plan you choose.

When can you join a Medicare prescription drug plan? If you currently have Medicare Part A (Hospital Insurance) and/or Medicare Part B (Medical Insurance), you can enroll in a Medicare prescription drug plan from November 15, 2005 until May 15, 2005. If you join by December 31, 2005, your Medicare prescription drug plan coverage will begin on January 1, 2006. If you join after that, your coverage will be effective the first day of the month after the month you join.

Unless you have other drug coverage that is, on average, at least as good as standard Medicare prescription drug coverage, it is important to join a Medicare prescription drug plan when you are first eligible. If you don?t join a plan by May 15, 2006, you will have to pay a higher monthly premium to join later.

Many people with limited income and resources will get extra help paying for their prescription drug coverage. The amount of help you receive will be based on income and assets. Look for details in the mail from Medicare and the Social Security Administration (SSA). If you think you qualify for extra help, you can sign up with SSA or your local Medicaid office.

Detailed information about Medicare prescription drug plans in this area will be available in the fall. In October you should receive a Medicare & You 2006 handbook in the mail, and be able to get free personalized information on the web. Throughout this year Medicare has been providing information to help you get ready for enrollment in a prescription drug plan. I encourage you to take advantage of the opportunity to receive prescription drug coverage at a discounted price. For details and links to more information, please visit my website at www.marchant.house.gov.

http://www.house.gov/apps/list/hearing/tx24_marchant/july8.html