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November 2007 Medicare Part D Newsletter
:: Selected Medicare Part D Enrollment Kits — Online November 15
:: New: Medicare.Gov Plan Finder Tutorial - Now Online
:: Cost, Coverage, Convenience, and now… "Company": The Medicare Part D Plan Ratings
:: The differences between Some Generics, Selected Generics and All Preferred Generics
:: Is there a reason NOT to use my Part D plan’s mail order option?
:: What happened with the Late Enrollment Penalty?
:: What is the Best Way to Pay?
:: Important Dates and Enrollment Tips
:: Closing Notes
Selected Medicare Part D Enrollment Kits — Online November 15
Starting November 15, our enrollment kit materials will be available for download (including the enrollment application). You will find the enroll button on our state plan overview pages and also in our plan finder tools. Our 2008 plan finder and 2007/2008 comparison plan finder are being enhanced to include 2007 enrollment figures (per plan per state) plus 2008 plan copay and coinsurance details (available Nov. 15). The Part D plan customer satisfaction rating information will be coming soon.
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New: Medicare.Gov Plan Finder Tutorial - Now Online
The Medicare website is a great place for information. However, often times the site can be a little overwhelming, especially for the casual internet user. To make finding your way to a Part D plan a little easier, we designed a comprehensive, simple to use online tutorial for the Medicare.gov Part D Plan Finder. You can begin the tutorial from our tutorial overview page where all 15 lessons are summarized. You can then either jump directly to a particular topic or start at the beginning and step through the tutorial. Navigation allows you to go either forward or backward (links at the bottom of each page). We have also provided you with a few of our own Tips and Cautions. See our Press Release here.
As you browse through the tutorial, you will see that the Medicare site is fairly complex. Here is an overview of the Medicare.gov Plan Finder process. You will also find, that the Medicare site is continually being updated with new information and sometimes facts and figures change. As we mention in our tutorial, some of the retail drug prices we found are not yet updated to correspond with the prices listed by the Part D plan’s website.
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Cost, Coverage, Convenience, and now… "Company": The Medicare Part D Plan Ratings
To make the enrollment decision simpler, the Centers for Medicare and Medicaid Services (CMS) stress that Medicare beneficiaries should focus on a few important aspects when selecting a new Part D prescription drug plan: Cost, Coverage, and Convenience. To these three key factors, we have also added "Company" — meaning, some people decide on a Part D plan based on the company offering the Part D plan. If you are not familiar with all of the companies now offering Medicare Part D plans (or Medicare Advantage plans) — no problem - CMS is implementing their 2008 Part D plan rating system that can give you some insight into other people’s experiences with Part D plans. Click here for more details on the Medicare Part D plan ratings. Our own 2008 Part D plan finder displays information on each Plan’s popularity (2007 enrollment figures) and Plan ratings.
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The differences between Some Generics, Selected Generics and All Preferred Generics
Question:
When looking for a 2008 Medicare Part D plan with some Gap Coverage, we could not understand the difference between preferred generics and those listed as generics. Some Part D plans cover "all preferred generics" or "some generics" or "all generics." What is the difference between these generics?
Answer: These various "generic drug" terms have no particular meaning outside of specific Part D plans. One Part D plan’s "Preferred Generic" list is not necessarily the same as another Plan’s "Preferred Generic" list. Why are plans making a distinction within the class of generics? Our guess: to keep monthly premiums down, some Part D plans are limiting their Gap or Doughnut Hole coverage and these different "categories" of generic drugs may be a subtle way for the Part D plan to say: "not all generics drugs are being covered through the Doughnut Hole or Coverage Gap." However, in most cases, the most common generic medications are included in these lists. Click here for some examples of how Generic Drug coverage varies between Part D plans. Please also note that even if your Generics are covered through the Gap, your copayments may increase during the Gap – see your Summary of Benefits for more details.
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Is there a reason NOT to use my Part D plan’s mail order option?
Question:
Is there a reason not to use a Medicare Part D plan’s mail order option?
Answer: Using your Part D plan’s mail order option may save you money and be more convenient. The downside is that it may not give you a chance to meet with your pharmacist and can speed you into the Doughnut Hole. Click here to read a little more about mail order.
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What happened with the Late Enrollment Penalty?
Question:
I have really low prescription drug needs and did not enroll into a Part D plan during the initial enrollment period. However, I now have decided to join a Part D plan. Who decides whether I receive a late penalty? If I do have to pay a penalty, how much will it be in 2008?
Answer: The Late Enrollment Penalty did not go away and some Medicare beneficiaries are beginning to receive letters from their Part D plans about their 2007 penalty amount. The exact amount of the Part D late-enrollment premium penalty is calculated by CMS (not your Part D plan), and then reported by CMS to your Part D plan. Your Part D plan will then send you a letter regarding the amount of your penalty. Click here for the CMS Tip Sheet on Calculating the Late Enrollment Penalty. The letter from your Part D plan will also detail how the penalty was calculated and explain how you can ask for a review of your the Late Enrollment Penalty (or LEP). Click here for a few more details. Remember, not everyone is subject to the Late Enrollment Penalty. CMS provides that there will be no Late Enrollment Penalty "for any beneficiary eligible for the low income subsidy". (Click here to read the CMS Press Release). However, this CMS exception will only continue through 2007.
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What is the Best Way to Pay?
Question:
I noticed that there are many different ways to pay our monthly Part D premiums. Is there one way that is better than the others?
Answer: Your premium payment options may include Social Security Deductions, Bank Draft, Credit Cards, or Personal Check - and there is no one best way to pay your monthly Part D premiums. However, some people now suggest paying your monthly Medicare Part D premiums with a Credit Card or Bank Draft to best control your personal budget. Click Here for the More Details and Discussion.
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Important Dates and Enrollment Tips
Thursday, November 15, 2007:
The Annual Enrollment Period (AEP) begins! During the next 6 weeks, you can join a new Part D Prescription Drug Plan or Medicare Advantage Plan. Your new plan coverage begins on January 1, 2008.
Remember: "No decision is also a decision." If you make no Part D or Medicare Advantage enrollment decision, you will stay in your current Part D or Medicare Advantage plan through 2008 – be sure to understand the upcoming changes in your existing Part D prescription drug plan or Medicare Advantage plan — refer to your annual notice of change letter (ANOC) or use our online tool to compare your 2007 Plan to 2008.
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Saturday, December 8, 2007:
If you decide on a new Part D plan or Medicare Advantage plan, we recommend that you enroll by December 8th to ensure receipt of your new membership information before January 1, 2008.
Monday, December 31, 2007: Annual Open Enrollment Period ends for Part D and you will not have another opportunity to join a prescription drug plan until 2009 (that is, unless you are granted a special enrollment period) — and if you are without creditable prescription drug coverage, you risk paying a lifetime premium penalty.
Changing to a Medicare Advantage Plan: Medicare beneficiaries have one additional chance to join or switch Medicare Advantage plans from January 1 to March 31 of every year during the Medicare Advantage Plan Open Enrollment Period (OEP). During the OEP you cannot drop or add Part D prescription drug coverage — however, if you have a prescription drug plan, you can join a Medicare Advantage plan with a prescription drug benefit (MA-PD).
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Receiving "Extra Help" (or Dual Eligible)?
You have a special election period (SEP) to change Medicare Part D plans once a month — all year round. But please note, changing Part D plans once a month all year long is not recommended. A better idea is to find a Part D plan that covers all of your medications and has a monthly premium covered by your state’s low income subsidy (LIS). Looking for more information? Here is a listing of contact information for your State Health Insurance Assistance Program.
Turning 65 or New to Medicare? You have an initial enrollment period (IEP) that is a 7 month window around your Medicare eligibility month (3 months before, the month of, and 3 months after your Medicare eligibility month – usually your birthday month). If you are in your IEP, you may be able to still enroll in a Part D plan for just December of 2007 — a one month Part D test-drive. You can then either stay in your chosen 2007 Part D plan next year or use this time to select a new 2008 Part D plan.
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Questions about your Medicare Part D or Medicare Advantage plan?
Send us an eMail at
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Last updated on: 07/05/2009
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