The 2008 Medicare Part D Prescription Drug Plan Year
Open Enrollment begins November 15th 2007.
If you wish to change the Medicare D plan you were enrolled in during 2007 you may do so beginning November 15th. This marks the beginning of the open enrollment period that allows you to change the plan you were in and begin a new plan January 1st, 2008. The open enrollment period begins each year on November 15th and ends on December 31st. In the event you wish to change plans you must make your election by December 31st to avoid a penalty.
You do not have to notify your current plan if you decide to change plans. The plan you chose will notify your 2007 plan.
Satisfied with your 2007 coverage, do nothing. You will be automatically re-enrolled in the plan you were in if you do not elect to enroll in a different Medicare D plan for 2008. When does the plan begin? Benefits start January 1, 2008.
Key Dates:
October 1, 2007 -
Medicare began mailing the 2008 Medicare and You Handbook which includes valuable information about all areas of Medicare. Section 2 of the Handbook, pages 52 - 66, is all about the 2008 Medicare Part D Prescription Drug plan.
November 15, 2007 -
Marks the beginning of the open enrollment period. First day to enroll in a plan for 2007.
December 8, 2007 -
The ideal date to have selected a plan and sent in your enrollment application. By having selected and sent in the enrollment application by
December 8th you should be added to the Medicare D plan you have selected and have your identification card by January 1, 2008.
December 31, 2007 -
The last day to make an enrollment change. Marks the end of the open enrollment period
January 1, 2008 -
The 2008 Medicare Part D plan year begins.
Medicare Part D 2008:
Monthly Premium: Cost varies by plan
Initial Deductible: Participants pay an annual deductible up to $275.00 (which varies by plan and is an increase from $265.00 in 2007)
Initial Coverage Limit: $2,510.00, which is the combined amount of prescription expenses paid by the plan and the co payments (from $2,400.00 in 2007)
After the Initial Coverage Limit has been met coverage stops and you pay all your prescriptions costs until your total prescription expenses reach $5726.25 (coverage gap or donut hole).
Once expenses go over $5,726.25, catastrophic coverage begins and your Part D plan pays 95% of covered prescription costs.
**You may be able to choose a plan that will assist you with some of your out of pocket costs. Some plans offer additional coverage during the coverage gap.
Qualifying for additional help:
If you have limited income or few assets, you may be able to get additional help from Medicare. In such cases you may not have deductibles or premiums and your co pays may be reduced as well.
Please ask your Hannaford Pharmacist for a Social Security Administration brochure.
You may also contact the SSA or Medicare directly:
www.ssa.gov
