Medicare Part D Open Enrollment

Once again, it’s time for Medicare beneficiaries to make a decision about their prescription drug coverage. Medicare Part D, the federal prescription drug benefit, open enrollment runs to Dec. 7.
During this enrollment period, people with Medicare can sign up for a prescription drug plan (PDP) or switch their current Medicare Part D plan.
State Health Insurance Assistance Program (SHIP) counselors are available to help seniors and other Medicare beneficiaries with the enrollment process and answer any questions. SHIP provides the following frequently asked questions to guide you through the Part D enrollment process.
If you have additional questions call your local SHIP counselor at Cape May County Department of Aging & Disability Services (609) 886-8138.
Medicare PDP’s are insurance plans approved by Medicare and sold by private insurance companies that offer prescription drug coverage to people with Medicare. All people on Medicare are eligible to enroll into a Medicare PDP regardless of their income or assets.
Medicare PDP’s work like any other insurance products; they have premiums, co-payments, deductibles and formularies (list of approved drugs that the plan will cover).
There is federal assistance available for people with Medicare who have limited income and resources. If you qualify, you can receive assistance with premiums, deductibles and prescription co-payments. The New Jersey Division of Aging Services also offers Prescription Assistance to the Aged and Disabled Program (PAAD) and Senior Gold Prescription Discount.
Many Medicare PDP’s change their formularies and prices every year, so it is possible that the PDP you chose for 2012 won’t work as well for you in 2013. Just like with any insurance product, it’s important to make sure that your coverage continues to meet your needs year after year.
By comparing plans, you can see if another Medicare PDP would save you money and/or cover more of your prescriptions. Start your comparisons now so that there is plenty of time to shop around before making your decision.
If you do sign up for Part D or change your current plan during the open enrollment, your new plan will take effect on Jan. 1, 2013.
What other options are available for Medicare prescription drug coverage?
Some Medicare Advantage plans contain prescription drug coverage along with medical and hospital benefits. Bring the list of your prescriptions and talk to a SHIP counselor to find the right coverage for you!
If you have any question about Medicare, Medicare Health plans, Medicare Part D, or prescription assistance programs, contact your local SHIP counselor for personal and FREE counseling at (609) 886-8138.
The State Health Insurance Assistance Program (S.H.I.P.) is a statewide program administered by the New Jersey
Department of Human Services-Division of Aging Services, with major funding from the U.S. Department of Health Human Services, Centers for Medicare and Medicaid Services, and supported by the Cape May County Board of Chosen Freeholders.