Have You Enrolled Yet? – Medicare Prescription Drug Coverage
by J.R. Hager, LUTCF, Financial Services Manager

Trish Sneddon, right, works with clients to choose the right Medicare Part D plan for their needs.

If you or a member of your family is on Medicare, you probably have been bombarded with literature about Medicare’s prescription drug coverage (Part D). Starting January 1, 2006, Medicare began offering prescription drug coverage, which can be purchased through insurance companies. This new plan is great news for seniors who have been paying the increasing cost of their medications on their own. If you elect to purchase a Part D plan, a portion of the cost you are currently paying out of pocket will be covered. The costs for Part D prescription drug coverage range from $20 to $60 per month, depending on the level of benefits you require. Whether Part D will be a good decision for you will depend on your own situation.

Key Points to Remember
• Deadline: May 15. The special enrollment period for 2006 began November 15, 2005, and will end May 15, 2006. If you miss this deadline you cannot enroll again until November 15 to December 31, 2006.
• Which Drugs are Covered? Each plan has its own formulary of drug coverage. You will want to make sure the plan you choose covers your current medications.
• Which Pharmacy? The plans use specific pharmacy networks. Make sure your pharmacy is a provider for your chosen plan.

FIFS Can Help
At FIFS, our advisors are offering several Part D plans. We are available to help you choose the plan that fits your situation best. If you have questions on Medicare Part D, or any of our senior related products, such as Medicare Supplement plans, please feel free to give our office a call at 267-384-5300.

FIFS Connection, Winter 2006, Vol.3, No. 1