Transcript Slide 1

Medicare Prescription Drug
Medicare Modernization Act of
24 East Cary Street
Richmond, VA 23219
Medicare Prescription Drug Coverage
Key Messages
•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
$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
Does not include your house or car.
Basic Coverage of Drug Costs
Prescription Drug
(no drug coverage other
than Medicare)
Medicare Pays
Person Pays
(no drug coverage
other than Medicare)
0 - $250
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
-0(0 % of drug costs)
Up to $2,850
(100% of drug costs)
(1500 + 3600 = 5100)
Up to $1,500
Up to $3,600 out-ofpocket
Over $5,100
(Catastrophic Benefit)
5% or
$2 copay/generic
$5 copay/brand name
Plans must offer this as minimum coverage, but may opt to offer you better coverage.
July 2005 on- Find out if you are eligible for extra help.
• If you are deemed eligible, you don’t have to do anything
• 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
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 on the web
Social Security Administration 1-800 772-1213