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TIPS For Families |
In
the 2007 Prescription Drug Program, the deductible will increase to $265 and
the initial coverage limit is $2,400 which is the point where the gap will
start. This year it started at $2,250. The out-of-pocket spending also increases
to $3,850 before the catastrophic coverage begins. All of these dollar limits
are more, than they are now for 2006. Co-payments
for Medicaid and Low Income Subsidies have also increased to $3.10, $2.15
and $5.35. The $1 generics have remained the same. The
penalty for those who don’t have creditable coverage and didn’t enroll earlier
in 2006 will be $1.91 per month added to their premium for forever. The amount
of this penalty is based on the average National premium which is less than
what had been projected earlier this year. Medicare
Part B premiums have also increased to $93.50 per month from $88.50 in 2006.
This premium is now based on your previous year’s income as reported on that
year’s tax return. The first level of annual income is $80,000 or less.
Those persons with higher incomes will have to pay higher monthly premiums.
The deductible for Part B has also increased to $131. Part B covers medical
and doctor’s fees. Prescription
Drug plans will soon be mailing all current enrollees a letter stating all
the changes their company has for 2007. This will include premiums and any
changes in the drugs they will cover. The letter will also tell if the plan
will be operating in 2007. Be sure to read this letter closely. You
will want to look at the new Medicare and You 2007 handbook that will arrive
after November 1. It will include all the changes in premium rates for Parts
A, B and D and provide a list of plans carried by each state. Those
persons who need to enroll in a Medicare Prescription Drug plan from October
12 to November 14 will have to call the plan. The on-line enrollment feature
will be inactive as well as the1-800- Medicare phone number. This number
will still be available for questions. To
check for presentations and counseling/enrollment in your area go to: http://answers4families.org/
Find the section Medicare Part D Coalition and click on Community Events.
Follow the directions there for assistance with this fall’s Prescription Drug
plans. If you have further questions, contact your local UNL Extension Office
or the SHIIP Toll-free hotline 1-800-234-7119 If
you wish to leave feedback about this TIPS for Families, click on the TIPS
Feedback Form at the bottom of this page. For more information on Medicare
Part D go to the University of Nebraska-Lincoln publication website at www.ianrpub.unl.edu
and click on Families. |
