Medicare Open Enrollment, Part D
sushipup2
5 months ago
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sushipup2
5 months agoRelated Discussions
Choosing 2011 Medicare Supplement + Part D Plans
Comments (10)You really might want to consider the former employer's pharmacy plan - but where I'm a bit confused... if your husband goes for the pharmacy plan for drug coverage and that proves satisfactory - why would there be a need for a switch to the Medicare Part D in 2012? He would, in effect, be dropping his creditable coverage and that creditable status doesn't carry over to a new plan (ie Medicare Part D because they don't care what you might have had), and would be subject to the forever penalty. Creditable is just comparing what you have against whatever else is out there. An actuarial firm determines that your plan offers Rx coverage that is equal to or better than Medicare Part D. Should be easy enough for him to get the boiler plate notice of "creditable" insurance for drugs from his former employer to keep in his files if he goes with what they're offering. In fact, it's a requirement that the notice be sent each year. It's an unimpressive few sheets of paper stating simply: The Society (I'm retired from the Nat'l Geographic Society) is required to issue this annual notice to participants. Then it goes on to explain Medicare Part D, why I don't need it, why I can't be covered for drugs under more than one plan, and what happens if I drop what I have for something else. I still think that the Medicare Part D penalty is imposed whenever it is not signed up for when you initially become Medicare eligible at 65. Guess I would check with the former employer - HR there should be on top of what they offer. And I'd call Medicare too - or your closest SS office. I found the people at our Social Security office really helpful - on the phone and in person....See MoreOn Medicare? Know You MUST Buy Part D?
Comments (36)Here is a good read taken from the link below. The Penalty Can Add Up! How much the late enrollment penalty will cost you depends on how long you did not have creditable prescription drug coverage. The late enrollment penalty is calculated by multiplying 1% of the "national base beneficiary premium" ($32.34 in 2011) times the number of full, uncovered months that you were eligible but didn't join a Medicare drug plan and went without other creditable prescription drug coverage. The final amount is then rounded to the nearest $.10 and added to your monthly premium. Since the "national base beneficiary premium" may increase each year, the penalty amount may also increase every year. You may have to pay this penalty for as long as you have a Medicare drug plan. Example 1: Mrs. Jones did not join a Part D plan when she was first eligible (by May 15, 2006). She joined a Medicare drug plan during the 2009 enrollment period (November 15,December 31, 2009), for an effective enrollment date of January 1, 2010. Since Mrs. Jones did not join when she was first eligible and went without other creditable drug coverage for 43 months (June 2007,December 2010), she will be charged a monthly penalty of $13.90 in 2011 ($32.34 x.01 = $.3234 x 43 = $13.90) in addition to her plan's monthly premium. If Mrs. Jones continues with her Part D drug plan for the next five years, her penalty will cost her over $800.00 Example 1: Mr. Smith did not join a Part D plan when he was first eligible (by January 15, 2010). He joined a Medicare drug plan during the 2010 enrollment period (November 15,December 31, 2010), for an effective enrollment date of January 1, 2011. Since Mr. Smith did not join when he was first eligible and went without other creditable drug coverage for 11 months (February 2010-December 2010), he will be charged a monthly penalty of $3.60 in 2011 ($32.34 x.01 = $.3234 x 11 = $3.0) in addition to his plan's monthly premium. If Mr. Smith continues with his Part D drug plan for the next five years, his penalty will cost him over $200.00 That's food for thought. Good post Molly. Here is a link that might be useful: Medicare Part D Late Enrollment Penalty...See MoreHere It Comes Again -- Choosing Medigap & Part D Policies
Comments (17)This year we're each 'risking' $2100 with a high deductible Plan F Medigap policy. The premiums are a third of our former 'covers everything' Medigap. The sole difference between the policies is the deductible. This makes sense IF you don't expect to be spending that whole deductible and if you could cover it without pain. My high deductible supplement costs $900 per year. Identical coverage with no deductible would have been $2800 per year. So far this year, Medicare Parts A and B have covered almost everything for me. I've written checks for medical care totaling under $300. To date, it looks like my high deductible premiums plus my out of pocket will run $1200; I've saved $1600 by not taking the all inclusive policy. DH has spent less than $100; his savings are greater. The TV ads I see for Medigap policies are easily misunderstood. They trumpet that Medicare will only pay 80% of approved health care expenses, and you will have to pay 20%. That's true, as far as it goes, but it leaves the viewer imagining having to pay 20% of an enormous bill! Actually, Medicare-approved providers accept a Medicare-approved rate, and in most cases you will pay 20% *of that lower rate*. This is not like paying 20% of a non-negotiated rate. Your 20% portion of charges may be as little as my $300. Medicare A and B also pay 100% of some things. Our costs are Part B @ $1260/yr + Medigap @ $900/yr = $2160/yr X two of us = $4320). But...then there is Part D, and the *non-negotiated* cost of meds despite the Part D coverage. My husband's Part D will increase by a third in 2015, to $360/yr. The The total retail on his two meds will increase, too. They've topped $6K through August this year. The Part D only offers meaningful help before the 'donut hole' ($2850 - $4550). He won't get past the 'hole' to nearly-free meds. He'll pay "only" 73% of inflated retail for the last half of this year -- longer in 2015. My Part D will also go up. My total retail for a single med, Advair, is already $3200/yr. I will also hit the 'hole', on that med alone. (Never mind the odd antibiotic, etc.) Before the end of this year I'll be paying 73% of inflated retail. I'll just hit the hole sooner in 2015. This is why my budget shows Medical at a higher percentage of income than Groceries....See MoreMedicare Part D Open enrollment
Comments (8)If you take brand name meds, look into whether or not there is an authorized generic available. Authorized generics are identical to the name brand, but marketed as generics, with generic pricing. The FDA has a page that tells about authorized generics, and there is a link to the current listing of which drugs have an authorized generic. That listing is updated every three months. Two of the meds I take, Effient and Diovan, do not have an authorized generic. I cannot take generic Effient because the generic makes me incredibly dizzy. Effient is a blood thinner, so if I fall and suffer an internal injury/internal bleed, it could be extremely dangerous. So, I pay $100 for a 90-day supply of the brand name drug. And, I get to stop taking Effient at the end of January. (Yay!) Diovan has plenty of generics (valsartan), but most have had recalls because of a cancer-causing ingredient. The one I was taking (160mg by Aurobindo Pharma) has not been recalled, but I didn't want to risk it, so I switched to the name brand. There is an authorized generic for another of my meds, Toprol XL, so that's what I get. When I first started taking Toprol XL, there wasn't a generic. And when a generic was first approved, I was given the authorized generic, and that's what I've had ever since, even though the pharmaceutical company that markets the authorized generic has changed several times....See Moresushipup2
5 months agosushipup2
5 months agosushipup2
5 months ago
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