Ohio Department of Aging
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October 2005
Prescription drug coverage is finally available for people with Medicare. So if you already have some Medicare insurance coverage, you should consider adding prescription coverage.
Medicare prescription drug coverage is provided by private insurance companies that have been approved by Medicare. Plans offered by these companies will help people with Medicare pay for prescription drugs beginning January 1, 2006. A typical person with Medicare who does not have any current drug coverage could see his total drug costs cut in half. Qualified people with limited incomes and resources will have almost no drug expenses.
Drug Cards vs. Prescription Coverage
You may currently have a Medicare-approved drug discount card. This is not the same as Medicare prescription drug coverage. Medicare-approved drug discount cards will be discontinued. Your Golden Buckeye Prescription Drug Savings Program and Discount Program will not change. You should keep your Golden Buckeye Card for use at participating merchants and pharmacies.
Enrollment Period
The initial enrollment period is November 15, 2005 to May 15, 2006. If you join by December 31, 2005, your coverage will begin January 1, 2006. If you don't join a Medicare prescription drug plan before May 15, 2006, you will pay a higher premium if you choose to enroll later.
Creditable Coverage
If you already have drug coverage that is "creditable" - that is, on average, it is at least as good as Medicare prescription drug coverage - you may not need to designate a Medicare drug plan at this time. Your insurer will notify you to let you know if your coverage is creditable. If your drug coverage is ever dropped or is no longer creditable, you will be able to join another plan without a late penalty. Costs
You will pay a monthly premium for coverage, which can be deducted from your Social Security check. Beyond that, you will pay a portion of your drug costs. The amount of your co-pay will vary by plan. For as many as 30 percent of Ohio seniors the premium will be waived and the co-pays will be a set, low amount. If your annual income is below $14,355 for a single person, or $19,245 for a married couple living together, you may qualify for extra help.
What to do now
Don't feel rushed or pressured to enroll right away and don't sign anything before Nov. 14, 2005. Know what medications you take. Refer to the "Medicare & You 2006" book you'll receive this month for information about the prescription drug program, the different plans available in Ohio and plan options. Review your options and discuss it with those you trust.
For more information on Medicare Prescription Drug Coverage, visit Medicare.gov or call 1-800-MEDICARE. TTY users should call 1-877-486-2048.
For more information on whether you qualify for extra help with prescription drug costs and how to apply, visit SocialSecurity.gov or call the Social Security Administration at 1-800-772-1213. TTY users should call 1-800-325-0778.
Ohio Department of Aging