Seniors Stand to Benefit From New Medicare Prescription Drug Coverage

Seniors Stand to Benefit From New Medicare Prescription Drug Coverage
October 23, 2005

Washington, D.C. - Medicare is facing some big changes, and seniors should be prepared to make the necessary choices to take advantage of these new benefits. The program has provided dependable coverage for doctor visits, hospital stays and life-saving surgeries for 40 years. And now Medicare will offer dependable coverage for prescription drugs. The coverage for this voluntary program will begin next year, but seniors will be eligible to enroll Nov. 15.

Everyone with Medicare is eligible for the new prescription drug coverage, regardless of income level and resources, pre-existing conditions, or current prescription expenses. Medicare prescription drug coverage makes it easier to pay for the prescription drugs you need to stay healthy.

Medicare prescription drug coverage covers both brand name and generic drugs at participating pharmacies close to where you live. A typical person with Medicare could see his or her total drug spending drop by about 50 percent, and people with limited income and resources will have almost no drug expenses.

Under the new Medicare prescription drug coverage, you choose the drug plan and pay a monthly premium. For some plans, the premium could be as low as $20 per month. When you join a plan, Medicare helps pay the bill. And the program is voluntary - those seniors who don't have high prescription drug expenses or who already have coverage will not be forced to participate.

As with any insurance program, you have options. Seniors will be sent information detailing the different drug plan options. Although these plans will meet Medicare's stringent requirements, they may differ in terms of cost and coverage. Seniors will be able to choose the plan that covers the drugs they need. This is not a "one size fits all" program. If you already have drug coverage through an employer, union plan or Medicare Health Plan (Medicare Advantage plan or Medicare Cost plan), Medicare can provide help with its cost as well.

You can join a Medicare prescription drug plan starting Nov. 15, 2005. Enrollment is a choice, but you must join to get prescription drug coverage. It's important to enroll early, because those who enroll by May 15, 2006 will pay a lower monthly premium than those that enroll later.

http://www.house.gov/apps/list/speech/ok03_lucas/medicarerxsignup.html