Don’t miss the Medicare annual open
enrollment period for Part D drug plans, which begins October 15 and runs
through December 7.
“With
all the interest and activity around the new Health Insurance Marketplace this
fall, we don’t want Iowans on Medicare to miss the Medicare annual open
enrollment period,” says Kris Gross from the Senior Health Insurance
Information Program (SHIIP).
In
2014, Iowa will have 29 stand-alone drug plans, three less than 2013. Even the
plans that continue from 2014 may have changed their premium, deductibles, and
co-payments, so comparing plans is critical for everyone.
Five
new plans were added and six plans changed names. Seven plans show reduced
premiums and 16 plans have increases. The lowest premium will be $12.60 per month.
The Part D deductible for 2014 will be
$310, down from $325 in 2013. The amount you have to spend out of your pocket
to get out of the donut hole is going down $200 to $4,550. Once again in 2014,
drug manufacturers will provide a 50 percent discount on covered brand name
drugs in the gap and the plan will provide a 2.5 percent discount so your cost
for brand name drugs will be 47.5 percent of the drug’s full cost. The amount
you will pay for generics in the gap will be reduced from 79 percent to 72
percent. These discounts will increase each year until 2020, when the gap will
no longer exist.
Some
plans which are not available in 2014 are transferring members into another
plan with the same company for next year. These individuals have been notified
via the Annual Notice of Change. If your plan is not transferring you into
another plan, you are considered to be in a non-renewing plan. You should
receive a plan termination letter by October 2. You get additional time to
choose a Part D plan through February 2014. Choosing a plan by December 31,
2013, however assures coverage for January 1, 2014. Read all information you
receive carefully.
On
October 8, Medicare will announce the plans which receive their highest rating
of five stars. They will also identify the “low performing plans.” These are
plans that have had a rating below 3 stars for 3 consecutive years. Medicare
rates plans from 5 (highest) to 1 (lowest) star.
The
other important changes you need to be aware of are found on the Medicare website.
This is the ONLY place where you can find out which of the 29 plans cover the
prescription drugs you are taking, what your co-payments will be, restrictions
on drugs you’re taking, and an estimate of your total costs for 2014.
Go
to www.medicare.gov and make a comparison of 2014 Medicare drug plans. SHIIP
has step-by-step instructions for doing a comparison of plans on its website, www.therightcalliowa.gov. Go to the
“Find Health & Drug Plans” section. If you don’t use a computer, SHIIP counselors
can do a comparison for you. SHIIP is a free, confidential service of the State
of Iowa Insurance Division with counselors available across the state to help
you compare Medicare drug plans. For the SHIIP site nearest you call
1-800-351-4664 (TTY 1-800-735-2942) or go to www.therightcalliowa.gov.
Grinnell
Regional Medical Center sponsors the SHIIP program in this area. To make an
appointment with a volunteer, please call the GRMC Volunteer Office at
641-236-2588.
Should
you choose to change plans or enroll in a plan if you missed an earlier
deadline, you must enroll in the new plan between October 15 and December 7,
2013. SHIIP counselors can assist you with the enrollment. If you’re happy with
the plan you have and what it’s offering next year you don’t need to do a thing.
Your enrollment will continue into next year.
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