 |
|
|
|
October 2007 Medicare Part D Newsletter
:: New Online 2007/2008 Part D Plan Comparison Tool
:: Other New Features now Online at www.Q1Medicare.com
:: News for Medicare Part D Beneficiaries
:: Important Dates and Events to Watch
:: Closing Notes
New Online 2007/2008 Part D Plan Comparison Tool
Compare Medicare Part D Plans from 2007 and 2008:
We now have a new 2007/2008 comparison feature online for all Part D prescription drug plans. If you wish to see how your existing 2007 Part D plan changes in 2008, you can select your state from the drop down box, enter a part of the Part D plans name (for instance, if you type in "United" will find Part D plans for "United HealthCare"), and you will see how the existing 2007 Part D plans compare to 2008. You can also add other criteria to the Part D plan tool and search by 2007/2008 premiums or deductibles or gap coverage or low income subsidy coverage or a combination of everything. All locally and nationally available Part D plans are included in our online comparison tool.
If you are just looking to see what national prescription drug plans were offered previously in your state, you can select the links for 2006 or 2007 Plans from your State Part D Plan Summary Page (located in the top blue portion of each State summary).
|
|
|
A note for Medicare support groups and low income (LIS) or "extra help" beneficiaries:
If you are looking for a Part D plan that has a monthly premium fully covered by the low income subsidy (LIS), you will find these prescription drug plans highlighted partially in light-green. If you wish to use our 2008 Plan Finder tool to get a quick overview of all prescription drug plans in your home state with a completely subsidized premium, first select your home state from the drop down list and then select the "Low Income Subsidy" drop down menu. You can also use our new 2007/2008 Part D plan Comparison tool to see if your 2007 Part D Plan still offers the same premium coverage in 2008.
Remember: Try to ensure that your monthly premium is fully covered and, more importantly, watch that your prescription medications are covered under your Part D prescription drug plan's formulary or drug list. Still not sure if the Medicare "extra help" program applies to you or your clients? Click here to learn more about Medicare's Extra Help.
|
|
|
How much is the low income premium subsidy in your state?
We now have all of the 2008 state low income premium subsidy values online for the last three years (click here to see the premium values for your state). An example is given at the bottom of the page showing how to use the table.
|
|
|
Other New Features now Online at www.Q1Medicare.com
Just looking for a 2008 Part D Prescription Drug Plan overview?:
As noted above and in our September Special-Edition Newsletter, we have an overview of nationally available 2008 Medicare Part D plans online – listed by state. You can find the national prescription drug plans in your area by selecting your state from our State overview page or, if you wish to see all (not just national) Medicare Part D prescription drug plans in your area, you can filter your search by using our 2008 prescription drug plan finder. Over the next weeks, we will also be bringing specific Part D plan Summary of Benefits and plan Formularies online for you to download and review.
For more of an overview on the new Part D plans, click here to read the CMS Press Release on 2008 Medicare Part D plans.
|
|
|
:: Top
|
Print your State's Part D Plans:
Once you have chosen your 2008 state prescription drug plan page, you can choose the "Print Version" (found in the top blue portion of the state summary) and send your state's prescription drug plan overview to your printer for easy review.
How about an example of general 2008 Part D changes?
Take a look at the difference between 2007 and 2008 Medicare Part D plans as we compare a summary of Part D plans offered in California and Florida. Click here to see our comparison.
The Medicare and You handbook is now online:
The Centers for Medicare and Medicaid Service (CMS) "Medicare and You" handbook is online and will be updated with new examples and additional information as soon as it becomes available. The content of the handbook and other parts of our www.Q1Medicare.com website can be explored using the "Search" function at the top of each page.
|
|
|
Do you find learning about Medicare is like learning a new language?
To help you work through all the new Medicare terms and abbreviations (like AEP or PPO), we now also have a Medicare Glossary online. Our glossary is continually updated and acts as a reference as you learn more about your Medicare coverage and health care benefits. Are we missing a term? Click here to let us know.
What is your 2008 Medicare Part B Premium?
We now have the new 2008 Medicare Part A and B premiums and deductibles online. The standard 2008 Medicare Part B monthly premium will be $96.40 (this is for physician visits and related services). The 2008 Part B premium reflects an increase of $2.90 from the 2007 monthly Part B premium of $93.50. Click here to read more about 2008 Medicare changes. Remember, if you earn more than the stated income limits, your monthly Medicare Part B premium increases.
|
|
|
News for Medicare Part D Beneficiaries
Low-Income Subsidy Beneficiaries not subject to Late Enrollment Penalty.
The Centers for Medicare and Medicaid Services (CMS) extended their current policy to eliminate the late enrollment premium penalty for Medicare beneficiaries who qualify for the low-income subsidy (LIS) through December 2008. With this updated policy, CMS continues to encourage the enrollment of low-income subsidy beneficiaries into a Medicare Part D plan. Medicare beneficiaries who receive the low-income subsidy can join a Medicare Part D plan anytime of the year. Click here for the entire CMS Statement.
What is the "Means Test" that is being proposed for Medicare Part D plans?
As noted early this month in the Washington Post (Oct. 5, 2007), a proposal is now being made that seniors who have income over $80,000 should pay higher monthly Medicare Part D prescription drug plan premiums and higher deductibles. The Bush administration is currently working with Sen. John Ensign, R-Nev., on the legislation who noted that "[w]orking couples with incomes over $160,000 should not be subsidized by retired firefighters or schoolteachers. They should pay more of their share." The Part D "Means Test" is similar to the existing "Means Test" already being implemented for Medicare Part B premiums where couples earning over $164,000 begin paying a higher Part B monthly premium.
|
|
|
Important Dates and Events to Watch
Thursday, November 15, 2007
— the Annual Enrollment Period (AEP) begins! During this time, you can join a new Part D Prescription Drug Plan or Medicare Advantage Plan. Your new Part D plan or Medicare Advantage 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 plans through 2008 — be sure to understand the upcoming changes in your existing Part D prescription drug plan or Medicare Advantage plan.
Saturday, December 8, 2007 — If you decide on a new Part D plan or Medicare Advantage plan, we recommend that you enroll early 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 probably 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).
|
|
|
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 ("recreational enrollment") 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).
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).
|
|
|
:: Top
|
Please Contact Us with Questions about your Medicare Part D or Medicare Advantage plans:
Simply send us an eMail at Q1Medicare.com may only be used with our express permission. Click here to contact us.
However, we do encourage you to forward our Newsletters on to others or to link to our Website.
|
|
|
|
Last updated on: 07/05/2009
|
|
|
|
|
|
|
|
|
| |
Life Insurance plays an important role in your families financial stability.
| |
|
|
