Hunting season is upon us; time to set your target for the Medicare prescription drug plan that’s best for you.
Newly eligible Medicare beneficiaries, and current beneficiaries who are considering changes to their Medicare Part D plan, should mark their calendars for Nov. 15. The “open season” will run from Nov. 15 to Dec. 31.
The Medicare Part D prescription drug program is available to all Medicare beneficiaries to help with the costs of medications.
Joining a Medicare prescription drug plan is voluntary, and participants pay an additional monthly premium for the coverage.
While all Medicare beneficiaries can participate in the prescription drug program, some people with limited income and resources also are eligible for “extra help” to pay for monthly premiums, annual deductibles, and prescription co-payments.
The extra help is worth an average of $3,900 per year.
To figure out whether you are eligible for the extra help, Social Security needs to know your income and the value of any savings, investments, and real estate (other than the home you live in). To qualify, you must be receiving Medicare.
Visit www.socialsecurity.gov. Click on Medicare on the top right side of the page or call Social Security at 1-800-772-1213 (TTY 1-800-325-0778) or visit a Social Security office.