What happens if my client doesn sign up for a Medicare Prescription Drug Plan by May 15, 2006?
Clients who have non-creditable coverage now should enroll in a Medicare PDP before May 15, 2006 to avoid the premium penalty. The premium will go up by at least one percent after May 15, 2006 for every month clients wait to enroll. The higher premium will remain in effect as long as your client is enrolled in a Medicare PDP. The reason for this higher premium is that, in general, the prescription drug benefit in the Medicare Supplement policy will not pay out as much as the Medicare prescription drug plan benefit pays out for the drugs it covers.
Related Questions
- Can my client stay in their current Medicare Supplement Plan but sign up for the new Medicare Prescription Drug Plan?
- Can my client stay in a current Blue Shield of California Medicare Supplement plan with prescription drug coverage?
- What happens to my Medicare card if I enroll in a Medicare Advantage plan that has a prescription drug plan?
