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Old 11-14-2006, 08:44 AM
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Stitcher Stitcher is offline
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Join Date: Aug 2006
Posts: 2,136
15 yr Member
Stitcher Stitcher is offline
Magnate
Stitcher's Avatar
 
Join Date: Aug 2006
Posts: 2,136
15 yr Member
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Decisions about the Rock and Hard Place

So, I have reviewed my options and decided to move from Humana to AARP for RX. Primarily because the premium is less. Both cover generics ONLY during the gap.

So, now my challenge to figure out how I am going to obtain the Brand meds that are not covered during the gap...approximately $717.44...a little less than 50% of my monthly income. The one non-covered med that infuriates me is my insulin, which will cost me $80.20 a month. This is a life saving medication, not a medication to help with symptoms...infuriating...and not available as a sample from a physician.

Yes, there are FREE meds programs out there, but they are based on income, typically at poverty level...which I believe is $11,500...and that is far less than my income. So, I don't qualify for those. I will turn now to my personal physicians and request monthly samples from them beginning in March 2007 , when the GAP hits me hard .

Here is detailed information about the PENALTY imposed by Medicare Part D if you don't enroll timely when you become qualified to do so:

Late enrollment penalty of 1% adds up!

If you choose not to enroll in a Medicare Part D plan when eligible, Medicare may require you to pay a higher premium if you decide to join after your initial enrollment period. Unless you already have prescription coverage that’s as good as a Medicare Part D plan, you could incur Medicare’s late enrollment penalty that is equal to about one percent of the national average premium per month, or 12% per year. To confirm whether your prescription coverage is as good as a Medicare Part D plan, call 1-800-MEDICARE (1-800-633-4227), 24 hours a day/7 days a week. TTY/TDD users call 1-877-486-2048.
Example:

If you decide to join a plan three years after becoming eligible, the late enrollment penalty would cause your premium to be about 36 percent higher (one percent per month x 36 months).
3-year Penalty: 1% per month x 36 months = 36% increase in premium

The national average for premiums offered in 2007 is $27.35 per month or $328.20 per year. With a 3-year late enrollment penalty, you would pay about $37.20 per month or $446.40 per year. Your premium will remain higher for as long as you stay in a Medicare Part D plan, so it pays to enroll when eligible.
p.s. I am compiling information about FREE RX programs and will post in the stickie note section as soon as it is complete. If anyone has suggestion to include in that stickie note, please send them to me.
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I long to accomplish a great and noble tasks, but it is my chief duty to accomplish humble tasks as though they were great and noble. The world is moved along, not only by the mighty shoves of its heroes, but also by the aggregate of the tiny pushes of each honest worker. ~~Helen Keller
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