LEGAL NOTICES
MEDICARE PART D
Important Notice from Private Prep About Your Prescription Drug Coverage and Medicare
Please read this notice carefully and keep it where you can find it. This notice has information about your current
prescription drug coverage with Private Prep and about your options under Medicare’s prescription drug coverage. This
information can help you decide whether or not you want to join a Medicare drug plan. If you are considering joining,
you should compare your current coverage, including which drugs are covered at what cost, with the coverage and
costs of the plans offering Medicare prescription drug coverage in your area. Information about where you can get help
to make decisions about your prescription drug coverage is at the end of thisnotice.
There are two important things you need to know about your current coverage and Medicare’s prescription drug
c1.overage: Medicare prescription drug coverage became available in 2006 to everyone with Medicare. You can get this
coverage if you join a Medicare Prescription Drug Plan or join a Medicare Advantage Plan (like an HMO or PPO) that
offers prescription drug coverage. All Medicare drug plans provide at least a standard level of coverage set by
Medicare. Some plans may also offer more coverage for a higher monthlypremium.
2. Private Prep has determined that the prescription drug coverage offered by Oxford are, on average for all plan
participants, expected to pay out as much as standard Medicare prescription drug coverage pays and is therefore
considered Creditable Coverage. Because your existing coverage is Creditable Coverage, you can keep this coverage
and not pay a higher premium (a penalty) if you later decide to join a Medicare drug plan.
When Can You Join A Medicare Drug Plan? You can join a Medicare drug plan when you first become eligible for Medicare and each year from October 15 th to December7 th .
However, if you lose your current creditable prescription drug coverage, through no fault of your own, you will also be eligible
for a two (2) month Special Enrollment Period (SEP) to join a Medicare drug plan. What Happens To Your Current Coverage If You Decide to Join A Medicare Drug Plan?
If you decide to join a Medicare drug plan, your current Private Prep coverage will not be affected.
If you do decide to join a Medicare drug plan and drop your current Private Prep coverage, be aware that you and
your dependents will be able to get this coverage back.
37
I
PRIVATE PREP BENEFITS GUIDE
LEGAL NOTICES
Made with FlippingBook - Online catalogs