This ruling could have a profund impact on the lives of Medicare beneficiaries who need the care of a skilled professional ....Read more
Your Employer's Drug Plan Versus the New Medicare Benefit
- October 18th, 2005
If it hasn't happened already, you will soon be inundated with information about the new Medicare drug benefit, which goes into effect January 1, 2006. Companies began marketing their plans on October 15, and with all these sales pitches going on, you may feel pressured to sign up for a plan. But what if you already have drug coverage through an employer or union? The short answer: be careful!
If you are already covered by your company's retiree drug coverage, the Medicare plan may not be right for you. Don't signup until you compare your current plan with the Medicare plans available to you. Watch the mail for a letter from your company's plan, and if you don't receive a letter by November 15, 2005, contact your employer or union. The letter will state whether or not the company's coverage is "creditable"'”meaning it is equal to or better than what Medicare is offering. If it is "creditable," then you won't have to pay a late-enrollment penalty if you decide to switch to Medicare later. In other words, there's no rush and don't let a salesperson steamroll you into signing up for Medicare's benefit.
Even if your current coverage isn't "creditable," you still need to carefully consider your options. If you sign up for a Medicare drug plan, you will lose your company's retiree drug coverage, and reportedly about half the companies will cancel your medical insurance as well. Before you sign up ask your employer if you can drop your drug coverage without losing your other supplemental insurance. Once that insurance is gone, you may not be able to get it back.
Local Elder Law Attorneys in Ashburn, VA
Needham Mitnick & Pollack, PLC
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Law Offices of John L. Laster
John Laster is a lawyer licensed to practice in Virginia, Maryland and the District of Columbia. He limits his practice to wealth transfer planning, trusts, wills, powers of attorney, health care decision-making issues, estate administration and related tax, elder law and disability concerns. Listed in The Best Lawyers...