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2008 Enrollment Forms
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The 2008 Annual Enrollment Period (AEP) or Annual Coordinated Election Period ended on December 31, 2007. Now that the Annual Enrollment Period is over, those persons who are newly eligible for Medicare or those who have a Special Election Period can still enroll in a Part D plan. If you are just turning 65, you can enroll in a Part D prescription drug plan during a seven (7) month period - three (3) months before your birthday month, the month of your birthday, and three (3) months after your birthday month. If you are receiving Medicare due to a disability, use your month of Medicare eligibility instead of your birthday month. Medicaid or Extra-Help recipients have a Special Enrollment Period (SEP) and can change Part D plans every month if necessary. Other SEPs are available for people who lose creditable prescription coverage or move to a new area where there Part D plan in no longer available.
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: : Get Your 2008 Part D Enrollment Forms
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What can we expect from 2008 Medicare Part D Plans?
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Each year the Centers for Medicare and Medicaid Services (CMS) publish a basic Medicare Part D benefit that is used as a standard for the design of Medicare Part D plans offered by insurance carriers. The insurance carriers must provide Part D plans that at least meet the basic benefit offered by the CMS standard plan. The basic or standard 2008 Medicare Part D plan provides:
- You pay an initial deductible or the first $275 of your prescriptions
- You pay 25% Coinsurance (or Co-Payments) of the cost for covered prescriptions the initial deductible of $275 up until the retail costs of the covered prescriptions reach $2,510
- You pay in the Doughnut Hole: 100% of the retail cost for covered prescriptions between $2,511 and $5,726.25 (also known as the Coverage Gap)
- Your total out of pocket potential before leaving the Doughnut Hole or Coverage Gap is $4,050 (this amount does not include your monthly Part D plan premiums).
- After the Doughnut Hole begins Catastrophic Coverage: either 5% of the cost of covered drugs above $5,726.25 or a
co-payment of $2.25 for covered generics and $5.60 for covered brand-name
drugs, whichever cost is greater.
If you wish to see more detail click here to see a comparison of 2008, 2007 an 2006 standard Part D plans
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Agent Alert!
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Arkansas Insurance Department Directive 1-2006 (Unlawful Sales Practices Pertaining to Medicare Part D, Prescription Drug Benefits, Medicare Advantage, and to Medicare Supplement Contracts) Read more...
South Dakota State Continues Public Education Efforts on the Long-Term Care Partnership Program Read more...
NIM is looking for licensed insurance agents to help market WellCare PDP and MA plans. Interested? Please use the contact link below.
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: : Agent Contact Form
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What are Medicare Part D Prescription Drug Plans?
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Medicare Part D prescription drug plans (or PDPs) provide insurance coverage for your prescription drugs. Medicare Part D is a voluntary program, separate from your Medicare Part A (Hospitalization) and Medicare Part B (Doctors and Out Patient assistance). Medicare Part is regulated by the Centers for Medicare and Medicaid Services (CMS) and implemented by private insurance companies. If you decide to enroll in a Medicare Part D plan, you will find that, like any insurance, you pay a monthly premium. The monthly premiums for a Medicare Part D PDP can range from only a few dollars up to over 100 dollars. When you enroll in a Medicare Part D prescription drug plan, you should find that your prescription medication costs are reduced. The amount of savings depends on the Medicare Part D plan you select. If you wish to learn more, you can click on this link to compare Medicare Part D plans in your State!
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: : More information here in our Blog
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