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December, 2006:
:: Should I stay in my Part D plan when Part D costs outweigh the plan benefits?
:: 2007 Medicare Part D Enrollment Reminder
:: A Few Good Medicare Part D Questions
:: Closing Notes
Should I stay in my Part D plan when Part D costs outweigh the plan benefits?
Good Question: Should I remain in my Medicare Part D Plan? The monthly cost of my plan is increasing nearly 300% in January 2007. I use only $25 in prescription drugs each month. My premium will be over $25, and now that big stores are offering generic medications at discounted prices. What are the advantages of staying with a plan D prescription drug program? What happens if I decide to drop my present plan because of this insufficient use? Will there be a penalty if I would then reenroll at a later date? It seems to be a waste of money at this point.
Response: This question is an important one that many people have asked. We can understand why a person would consider dropping their Part D coverage now that some generics are so reasonably priced. However, keep in mind Medicare Part D is insurance, just like the insurance you might keep on your car or home. In some respects, the purpose of insurance is to cover the cost of a bad event, which we all hope will never happen. Medicare Part D is a voluntary program and each person must make their own decision whether to have prescription drug coverage. For some people it may be tempting to cancel Part D coverage altogether and save the money. Yet, if you later need the prescription coverage and re-enroll, you may be faced with a higher monthly premium as a penalty (increased by 1% per month of the national average premium for every month without coverage).
As we have noted to others, when you have very low prescription costs, you may wish to find a plan in your state that has the lowest cost premium and consider Part D just like any other insurance. The fact is insurance costs something even when you do not use it, but it is usually better to have insurance when you finally do need it.
Any thoughts or comments? You can post your appropriate comments to this question here:
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:: http://www.q1medicare.com/Blog-PartDCommunityBlogInformYourself.php?blog_id=15
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2007 Medicare Part D Enrollment Reminder
We are still receiving questions about enrolling in a 2007 Medicare Part D plan. Remember, every year you will have the choice to change plans or stay with your current plan. If you are staying with your existing plan, you do not need to take any action - you will be automatically re-enrolled for 2007. If you decide to choose a new Medicare Part D plan, the Centers for Medicare and Medicaid Services (CMS) suggest that you complete enrollment as soon as possible (CMS actually suggested December 8) in order to ensure coverage beginning, without any difficulties, in January 2007.
With all of the holiday preparations and special events, it is no small accomplishment to also sort through all of the Part D offerings and changes and come out with your choice of best plan (meaning the most affordable plan that covers all of your prescription medications). We provide a general overview of national Part D plans per state:
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:: http://www.q1medicare.com/PartD-Medicare-PartD-Overview-by-State.php
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Staying with your 2006 Part D plan? As we have reported, Part D plans are changing - check your plan! Some new drugs may be covered in 2007 and some drugs may be removed from the plan formularies (or drug lists). Also new restrictions may apply to your medications, so that only a certain number of pills are covered per month or a prescription may require a plan’s prior authorization. Please also note that few 2007 Part D plans cover Brand Name drugs in the Doughnut Hole (or coverage gap) - so you may wish to seek out possible generic alternatives to your Brand Name medications. We have a number of the national Part D plan formularies and Summary of Benefits
and available to read or download.
Just remember, it is not too late to enroll in a 2007 Part D plan. We are happy to answer any questions you may have by . We also have a new Medicare Part D Prescription Plan Overview Tool. With this simple tool, you can review Medicare Part D plans based on monthly Premiums, Deductibles, and Doughnut Hole Coverage - also find which plans provide full Medicare/Medicaid extra help. Click on the link below to try our free :
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:: http://www.q1medicare.com/PartD-SearchPDPMedicarePartDPlanFinder.php_id=7
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A Few Good Medicare Part D Questions
OK, so what happens as you get closer to the end of 2006, does the time to enroll in Medicare Part D run out?
You can enroll in a Medicare Part D Plan up through Sunday, December 31, 2006. However, your enrollment application may take a week or more to process and you may not receive your new Membership information until mid-January. In such a situation, you can still contact your Part D carrier and get your Member ID and other important information so that you can use your plan even before your actual Member information arrives in the mail.
What if my prescriptions change in 2007 and my chosen Part D plan is no longer the most affordable? Unfortunately, choosing a Medicare Part D plan based on your current medications always comes with the risk that your medications will change during the coverage period. Try to speak with your physician(s) now and get an idea if they see any prescription changes on the horizon - check to see if these potential medications (or their ) are also part of your new Part D plan’s formulary.
I made a mistake and enrolled in more than one Medicare Part D plan. Which Medicare Part D plan is the one I will be using in 2007 - the first or the last Part D plan?
The last Part D plan that you enroll in is the Plan that you will have for 2007.
Do I have to disenroll from my "old plan" or will my "new plan" do it when they receive my application?
You do not have to disenroll from your "old" plan. Once the new enrollment is sent on to Medicare, Medicare will notify your previous Part D plan of your un-enrollment decision.
I was just told that Medicare has not been taking my premium payments out since Feb 2006 and I owe for 10 months (!) of premiums. How can this be so messed up? Why did they take my premiums out for January 2006 then quit and not notify me until November 2006?
There was some difficulty reported as records were sent between Medicare, Social Security and the individual Part D plans. Unfortunately, occasionally there was an information breakdown and premium payments were somehow overlooked. You would do best to contact your Part D insurance carrier directly, or if need be, Medicare to attempt to set up a payment plan to bring you current.
Do you have any questions? Take a look at our or Send us an eMail:
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:: http://www.q1medicare.com/PartD-CustomerServiceHelpContactUsXphp.php
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Last updated on: 07/05/2009
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Life Insurance plays an important role in your families financial stability.
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