Elder
Law FAX -- December 26, 2005
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Education |
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Tips for Selecting a Medicare Prescription Drug
Plan
On Sunday, January 1, Medicare beneficiaries will have available to them,
for the first time in the history of the health insurance program for
the elderly and disabled, an outpatient prescription drug benefit.
Elder Law FAX has devoted several recent issues to the new drug benefit (see our Index of prior issues page at http://www.tn-elderlaw.com/prior.html). The time for realizing the benefit of the drug benefit is almost here. The federal government has reported recently that millions of eligible Medicare beneficiaries have yet to choose and enroll in a prescription drug plan.
The perception in the media (and elsewhere) is that the process is complex, confusing, time-consuming, and may not even be worth the trouble. Yes, choosing a plan may be all of those things, but many Medicare beneficiaries will also find that despite its flaws, the new drug plan will save them a lot of money -- for some, hundreds of dollars a year.
Here are some tips from the Elder Law Practice of Timothy L. Takacs on choosing a Medicare prescription drug plan:
1. Remember that the new prescription drug benefit is voluntary. No one (except perhaps for people who are also on Medicaid, the "dual eligibles") is required to enroll in a drug plan.
2. The right to enroll in a drug plan does not end on May 15, 2006. What does end on that date is the right to enroll in a drug plan and not pay a "penalty" on the premium that you have to pay for not enrolling by May 15.
3. Enroll in a drug plan now, even if you take few if any prescription drugs. Pick the plan with the lowest premium. As your health changes and you start taking more drugs, you can switch plans. But if you are not already in a plan, you will pay a penalty for joining late.
4. Do not let the perfect be the enemy of the good. In many areas of the country, there are numerous plans. You may not pick the perfect plan the first time out, but don't let the number of plans deter you from selecting and enrolling in a plan.
5. Relax. Don't worry about making mistakes. Later, you can always disenroll, or switch plans.
6. Seek help. Get together a list of the drugs you are now taking and call 1-800-MEDICARE. Operators are, literally, standing by, ready to take your call and walk you through the process. This is a free service offered by Medicare.
Or, ask your pharmacist, who may be in the best position to know what drugs you are taking and which plans in your area may be the best fit for you.
Or, seek professional help. The National Academy of Elder Law Attorneys has made available a "Screening Tool" as an aide to NAELA members to use in counseling clients on the new drug benefit. Go to the NAELA Web site, at http://www.naela.org, and use the Consumer Member Registry to find a NAELA member near you. Expect to pay a consultation fee.
Elder Law FAX is published weekly by Timothy L. Takacs, Attorney at Law. 201 Walton Ferry Road, Hendersonville, Tennessee 37077-0364. (615) 824-2571, (615) 824-8772FAX. Copyright 1995-2005 by Timothy L. Takacs. Would you like Elder Law FAX e-mailed to you free every week? To subscribe, please use the Elder Law FAX Subscription Form.