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Medicare Prescription Drug Coverage Medicare Modernization Act of 2003 24 East Cary Street Richmond, VA 23219 804-343-3000 Medicare Prescription Drug Coverage Key Messages 2006 •Medicare prescription drug coverage is available to all people with Medicare. •Look for a Medicare prescription drug plan that is right for you. •The Medicare prescription drug coverage pays for brand name and generic drugs. •Drug Coverage that helps you pay for the prescriptions you need. •There is additional help for those who need it most. Important Dates • If you have Medicare now and want to join a plan, you can join this year between: November 15, 2005 and May 15, 2006. • For your coverage to start January 1, 2006, join by December 31, 2005. • If you do not join by May 15, 2006, you will have to wait and you may have to pay more. • If you have Medicaid and Medicare, you will be automatically enrolled in a plan, selected at random if you do not pick a plan. Income and Resource Limits for Extra Help Income: $14,355 year for one person / $1196 a month $19,245 year for married couple / $1604 a month Resources: (Bank accounts, stocks and bonds.) $10,000 for one person $20,000 for a married couple (May have additional $1,500 per person designated for funeral expense.) Does not include your house or car. x Basic Coverage of Drug Costs Prescription Drug Spending (no drug coverage other than Medicare) Medicare Pays Person Pays (no drug coverage other than Medicare) 0 - $250 -0- Up to $250 Deductible $250 - $2,250 Up to $1,500 (75% of drug costs) Up to $500 (25% of drug costs) $2,250 - $5,100 Coverage Gap/Doughnut Hole -0(0 % of drug costs) Up to $2,850 (100% of drug costs) (250+500+2850) Subtotal: (1500 + 3600 = 5100) Up to $1,500 Up to $3,600 out-ofpocket Over $5,100 (Catastrophic Benefit) 95% 5% or $2 copay/generic $5 copay/brand name Plans must offer this as minimum coverage, but may opt to offer you better coverage. Timeline July 2005 on- Find out if you are eligible for extra help. • If you are deemed eligible, you don’t have to do anything now. • If you are not deemed eligible, but meet the income and resource limits, apply with Social Security now Call 1-800-772-1213 now - or call or visit your local office. October 2005- Read your Medicare & You 2006 for information on plans in your area and call VICAP for help with enrolling 804-343-3014 or 1-800-Medicare. November 15, 2005- December 31, 2005- Join a plan for coverage to begin in January 2006. Where to Get More Information Local Help- VICAP 343-3014 Medicare: 1-800-MEDICARE (1-800-633-4227) MEDICARE & YOU 2006 www.medicare.gov on the web Social Security Administration 1-800 772-1213 www.socialsecurity.gov