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HURRY, FOR PRESCRIPTION ADVANTAGE
From now until September 30, 2004, Prescription Advantage will be open for enrollment. Your application (available at local senior centers) must be received by September 30, 2004. This is a program operated by the Commonwealth of Massachusetts providing prescription assistance for the elderly and younger low-income individuals with disabilities. There is no income or asset cap for this program.
Membership Requirements – To become a Prescription Advantage member you need to be a Massachusetts resident and be:
· Age 65 or older; or
· Under age 65 and meet income and disability guidelines
Individuals receiving MassHealth (Medicaid) are not eligible to join Prescription Advantage.
Premium, Deductible and Co-payments - There are monthly premiums, deductibles and co-payments that are based upon your annual income. Some members may qualify to have part of all of their premiums and deductibles waived depending on their annual income.
Eligible individuals will pay between $9 and $12 for a 30-day supply of generic drugs, $23 to $30 for brand name drugs and $45 to $50 for certain other brand name drugs. Larger savings are available for purchasing 90 day supplies through the mail. Monthly premiums range from $0 to $99 and quarterly deductibles range from $0 to $125, depending upon your income.
Unlike other insurance plans, once you have paid the annual out-of-pocket spending limit, Prescription Advantage will pay for all of your prescription expenses, other than your monthly premium. Currently the maximum annual out-of-pocket expense is $2,000 for single or married with one spouse in the plan, and $3,000 for married individuals with both spouses in the plan.
HELP IS AVAILABLE – Your local senior center has the application forms and will assist you in applying for Prescription Advantage. You need to do this right away because applications MUST BE RECEIVED by September 30, 2004. Senator Jarrett Barrios was recently at the Saugus senior center and warned individuals that if your application is received after that date, you will be denied coverage.
This article gives general information and not specific advice on individual matters. Persons wanting individualized advice on matters discussed should contact an advisor experienced in those matters. To the extent this article provides information on legal matters, it is based on law in effect in Massachusetts on the date of posting (laws in effect in other states are often quite different).
Ronald H. Surabian is a CPA and attorney who works at the Elder Law Center in Saugus, Massachusetts. He also holds a masters in accounting and a masters in tax law. He currently serves on the board of directors of the Massachusetts Chapter of the National Academy of Elder Law Attorneys. If you have any questions please call me at the Elder Law Center, One Essex Street, Saugus, MA 01906 (781)233-4444. To view this or any prior article, please visit our web site at www.elderlawcenter.org