Your Medicare Drug Decision  (11/7/2005)

Source: Richmond Times Dispatch

You don't have to sign up for the new Medicare Part D prescription drug coverage on Nov. 15. This is an important decision. "There is no need to rush!" says Jay W. DeBoer, commissioner of the Virginia Department for the Aging.

You have until the end of the year to enroll if you want to get drug coverage by Jan. 1, the first day the program begins, and you have until May 15 to enroll with out a penalty.

In the meantime, get ready to enroll: Gather all your prescription drug information. List all of your medicines, dosages and monthly cost.

If you have health insurance coverage or just prescription drug coverage, figure out what your current policies cover and how much the annual premium, deductible and drug co-pays cost you.

"If a beneficiary has employer retiree coverage, determine what is covered, whether the coverage will continue and any announced or likely cost increases," DeBoer continues.

Your health insurance company  is supposed to notify you by mail by Nov. 15 if your retiree coverage is "credible," which means it's as good as or better than the Medicare drug plan. If you don't get such a letter or have lost it, call the plan administrator and ask for one.

DeBoer, a lawyer, says, "If a beneficiary currently has private pay prescription drug coverage" -- for example, through an employer group or a Medigap policy -- "schedule an appointment to talk to your agent or benefits administrator about your current coverage and what your current provider will offer."

If your retiree coverage is discontinued later, you'll have 63 days after your current plan ends to enroll in Medicare Part D without a penalty.

Every Medicare beneficiary on Medicare Part A (hospital) and/or Part B (doctors' visits) -- regardless of income -- is eligible for the prescription drug plan. You don't have to be poor.