Medicare Prescription Drug Plan - Important Considerations

Medicare Prescription Drug Plan - Important Considerations & CAUTIONS

You do not need to purchase Medicare Prescription Drug Coverage if you have creditable coverage through any of the following sources or other qualifying coverage.

Medicaid

Group Health Plans including FEHBP

Individual Health Plan

Veterans Benefits

Qualified Retiree Plans

Indian Health Service

TRICARE and Military Coverage

State High-Risk Pool

State Pharmaceutical Assistance Program

CAUTION: If you have employer or retiree coverage and sign up for a stand-alone Prescription Drug
Plan (PDP), you may inadvertently change how the coverage on your health plan works.

You need to purchase your Medicare Prescription Drug Coverage from your current plan
if you have one of these Medicare Advantage Prescription Drug (MA-PD) plans.

Medicare Advantage HMO or PPO Plan with Prescription Drug Coverage included or available as an option

Medicare Private-Fee-For-Service Plan that includes Prescription Drug Coverage

CAUTION: If you are in a Medicare Advantage Plan that offers the same plan with or without prescription drug coverage and you do not elect to take the prescription drug coverage, you may be subject to the late enrollment penalty which is 1% of a national average for every month you could have had Medicare drug coverage but waited. You will have to pay this penalty for as long as you have Medicare prescription drug coverage. The 1% is based on $31.94 for 2010 and can be adjusted annually.

CAUTION: If you have one of these plans and sign up for a stand-alone Prescription Drug Plan (PDP), you may be automatically disenrolled from your plan, perhaps inadvertently, adversely affecting both your medical and hospital benefits.

You need to purchase a stand-alone Prescription Drug Plan (PDP) in order to get
prescription drug coverage, if you have one of these Medicare plans.

Medicare Supplement
A, B, C, D, E, F, G, H, I, J,
K, L, High-deductible F, J

Medicare Advantage
PFFS Plan without prescription benefits

Medicare Advantage Cost Plan

Note: If you have a Medicare Supplement plan H, I, or J with prescription drug coverage, it may save you a considerable amount of premium to drop the drug coverage from the plan and purchase a stand-alone Prescription Drug Plan (PDP).

CAUTION: If you have any of these plans and do not enroll in a stand-alone Prescription Drug Plan (PDP) when first eligible, you may be subject to a late enrollment penalty, which is 1% of a national average for every month you could have had Medicare drug coverage but waited. You will have to pay this penalty for as long as you have Medicare prescription drug coverage. The 1% is based on $31.94 for 2010 and can be adjusted annually.

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