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Author: TwoCybers Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19483  
Subject: Re: Walmart Prescription Plan Date: 1/23/2013 12:53 PM
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Birgit wrote
I did not sign up for partD because my supplement insurance (company provided) has drug benefits which were wonderful, with CareMark. This year, the plan went to CareMark's SilverScript - CVS Caremark Part D Services. So I guess I am now signed up for Part D?


How would I know what you are signed up or not for? But I do suggest you find out for at least these two reasons.

#1 I am not aware of any requirement a company provided drug plan cannot be canceled, changed or whatever at any time -- like in January.
#2 If you do not have an exclusion/exemption every month since you turned 65 without a Part-D plan will increase your future Part-D premiums by 1% from when you start until you stop paying for Part-D insurance. You could well be in a situation where saving a few bucks a year now will cost you more bucks a year for decades.

In the case of medicare medical insurance (Part-B), you avoid penalties and preserve your guaranteed right to buy insurance if and only if your have company medical insurance that provides coverages Medicare says meets/exceeds the Medicare standards. More specifically, medicare must approve the insurance plan each year. For major companies, the annual approvals by Medicare are pretty automatic for the insured. I have never heard that a similar exemption exists for Medicare Part-D.

CareMark is a brand name that offers Medicare Advantage Plans. If your "supplement insurance" is actually a Medicare Advantage Plan - these most often (as I understand it) include drug coverage satisfying the Part-D requirements.

This link
http://www.medicare.gov/supplement-other-insurance/medigap/w...
says as of January 1, 2006, Medigap or Medicare Supplement policies have not been allowed to provide drug coverage.

In the event you dig into this, I suggest you get your terms correct.

Gordon
Atlanta
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