Medicare Rx Program Deadline Approaching Quickly

Medicare Rx Program Deadline Approaching Quickly

"For elderly Americans who have no drug coverage now, the Medicare program almost certainly will save them money, particularly if they take a lot of medications."

"…many previously uninsured patients are clearly saving money on drug purchases."

Can you guess where the above quotes came from? No, they are not from White House talking points. They are quotes pulled from the editorial pages of the Baltimore Sun and the New York Times. These opinion makers and others across the country are taking notice of the positive benefits of the new Medicare Prescription Drug Program, also known as Medicare Part D. But they aren't the only ones who are noticing.

A recent Washington Post story says the Medicare Part D is being embraced "warmly by those who stand to take personal advantage of it." It quotes a number of seniors who echo the comments from the above editorial page including one retiree in Iowa who said "I was so happy" to find the program saved her so much.

The new prescription drug component is one of the biggest improvements to Medicare in the forty-year history of the program. The benefit was created as a result of the "Medicare Prescription Drug and Modernization Act," which I joined a majority of my colleagues in Congress to pass. This landmark legislation will ensure that anyone eligible for Medicare can also select prescription drug coverage as part of their Medicare benefits.

The Medicare prescription drug program gives seniors coverage at an affordable rate. Once enrolled, Medicare pays 75% of a participant's drug costs up to $2,250 (after annual deductible per person is met) and almost all of a participants drug costs over $3,600. Low-income seniors qualify for extra assistance for their deductible and monthly premiums through the program making their out-of-pocket costs very minimal. Almost one in three people with Medicare will qualify for extra help and Medicare will pay for almost all of their prescription drug costs.

One of the key requirements for this program when we created it was that it must be voluntary. Many seniors already have prescription drug coverage and are happy with their current plan. In those cases, seniors can participate in Medicare and still keep their current private prescription drug coverage if they so chose. However any senior who is eligible for Medicare, is also eligible for Part D, regardless of income and resources, health status or current prescription expenses. Since it is not a required program though, seniors must opt-in.

This brings us to an important and fast approaching date, May 15, 2006. That date is important because it is the last day a Medicare participant can sign-up for Part D without a having to pay a higher premium.

This deadline is right around the corner, so if you are eligible and haven't already signed-up, you should seriously consider your options before May 15th. Medicare has established an excellent on-line resource at Medicare's website that provides extensive information on the program and the plans available to participants. They also have representatives available by phone at 800-633-4227 or the Seniors Health Insurance Information Program (SHIIP) at 800-224-6330 to help guide you through the process. My office can also be of assistance, as can local Social Security offices and Arkansas Agency on Aging offices.

http://www.boozman.house.gov/News/DocumentSingle.aspx?DocumentID=42487