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What does the 2007 Medicare Part D program look like compared to 2006?
Here are a few facts to give you an overview of the changes in the 2007 program:
Changes in the Standard or Model Medicare Plan:
Changes in the Standard or Model Medicare Plan:
- Initial Deductible:
from $250 in 2006 to $265 in 2007
- Initial Coverage Limit:
from $2,250 in 2006 to $ 2,400 in 2007
- Out-of-Pocket Threshold:
from $3,600 in 2006 to $3,850 in 2007
- Minimum Cost-sharing in the Catastrophic Coverage Portion of the Benefit:
from $2 for generic or preferred drug that is a multi-source drug and $5 for all other drugs in 2006 to $2.15 for generics and $5.35 for other drugs in 2007
- Maximum Co-payments below the Out-of-Pocket Threshold for certain Low Income Full Subsidy Eligible Enrollees:
from $2 for generic or preferred drug that is a multi-source drug and $5 for all other drugs in 2006 to $2.15 for generics and $5.35 for other drugs in 2007
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Important Dates:
- October 1, 2006 -
Medicare Part D Prescription Drug plan Marketing Activities can begin - At this time you will be able to once again gather information and evaluate the various Part D plan alternatives. - Please note, no enrollments may be accepted before November 15, 2006.
- November 15 to December 31, 2006 -
Annual Coordinated Election Period - Here is your chance to join a Medicare Part D plan for 2007. If you already have a Medicare Part D plan, this is your time to look back over 2006 and make another decision for your 2007 coverage. Should you stay with your existing coverage or make a change? Here is your opportunity to decide. If you make no decision, you will remain in the same plan as you elected in 2006. There is no enrollment required to renew your present coverage. Don't forget 2006! People who waited until the end of December also waited into January for the arrival of their Welcome Information. Bottom Line: Don't wait until the end of December to make your enrollment decision. (If you do not enroll during this period, your next chance for coverage is January 2008.)
- January 1, 2007 -
Your 2007 Medicare Part D plan becomes effective and you will be able to begin using your Part D benefits.
- January 1 to March 31, 2007 -
Coordinating Special Enrollment Period (or SEP) - This special period is available for those people who enrolled into a Medicare Advantage Plan with Prescription Drug coverage (MA-PDs) and now wish to disenroll back to original Medicare coverage and a Prescription Drug Plan. As noted by CMS: "PDPs must accept enrollments for individuals enrolled in a MA-PD plan and who choose to elect Original Medicare during the MA OEP that occurs from January 1, 2007 through March 31, 2007. Since MA rules require these individuals to maintain prescription drug coverage, they MUST enroll in a PDP to accompany Original Medicare. This SEP allows MA-PD enrollees to enroll in a PDP and is limited to 1 enrollment."
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:: View the CMS Standard Benefit Plan for 2008
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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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