Sometimes called the annual election period. AEP runs from October 15 through December 7 each year and you make changes to your prescription drug coverage during this time.
If you spend $6,350 out-of-pocket in 2020, you will enter the catastrophic coverage stage. This means you pay only a small coinsurance amount or copay for covered drugs for the rest of the year.
The federal agency that runs the Medicare and Medicaid programs. CMS makes sure beneficiaries like you get access to high quality health care.
Coinsurance is a type of cost sharing and is the percent you pay for a prescription drug. For example, if your coinsurance is 10% and the cost of the drug is $10, you will pay $1. With some plans, you don’t pay coinsurance until you have first paid a deductible. You can find out if your plan option has coinsurance amounts by referring to the Summary of Benefits.
Copayment is a type of cost sharing and is a fixed dollar amount you pay for prescription drugs. For example, you may pay a $5 copay for a prescription drug. You can find out if your plan option has copayments by referring to the Summary of Benefits.
This is the portion of a prescription drug cost that you are responsible for paying. Types of cost sharing include copayments, coinsurance and deductibles.
A fixed dollar amount you pay before you will receive coverage for prescription drugs. For example, if you have a $435 deductible for your prescription drug plan, you must spend $435 on prescription drugs before the plan will begin paying. Generally, deductibles are annual.
This document explains your prescription drug coverage, what your provider must do, your rights and what is required of you as a member of the plan. The EOC is updated annually in September and is made available online under the "Documents" tab.
This is a statement that you will receive by mail every month that you use your prescription drug benefits. It provides information about the prescription drug services you have received. An EOB is not a bill.
The limit of coverage you receive under the initial coverage stage. In 2020, the initial coverage stage ends if or when you and Basic Blue Rx have spent $4,020 on covered drugs.
A stage that you enter after your deductible has been met and before your total drug expenses reach $4,020 in 2020. This includes amounts that you have paid and amounts that your plan has paid on your behalf.
Sometimes called an initial election period, this is a 7-month period when you are first able to enroll in Medicare. It begins 3 months prior to the month you turn 65, includes the month you turn 65 and ends 3 months after the month you turn 65. For example, if your birthday is May 15, your IEP would be February through August.
Sometimes called Medicare Part D. These plans can be stand-alone PDPs that you can pair with Original Medicare and/or a Medicare Supplement Insurance (Medigap) plan, or a Medicare Advantage plan that includes prescription drug coverage. Basic Blue Rx is a stand-alone prescription drug plan.
Health insurance policies that usually have standardized benefits and are sold by private insurance companies. Medigap policies can be paired with Original Medicare and/or a prescription drug plan, like Basic Blue Rx. Medigap plans generally allow you the flexibility to go to any doctor or hospital that accepts Medicare.
A pharmacy that allows members to receive their prescription drug benefits. If you use an out-of-network pharmacy, you will pay more for your prescriptions. You can save on your prescriptions by using a network pharmacy that offers preferred cost sharing.
The part of the Medicare program that provides prescription drug coverage.
This is an amount that may be added to your Part D monthly premium if you didn’t sign up for a Part D plan when you were first eligible. If you had creditable coverage, for example, coverage from an employer or union group, the penalty will not be applied. The penalty amount varies depending on how long you went without Part D coverage. To learn more about the Part D LEP, visit medicare.gov.
Some of our network pharmacies offer preferred cost sharing, meaning you pay a lower share of the cost at these pharmacies for your prescription drugs. Not all network pharmacies offer preferred cost sharing.
Use the pharmacy locator tool or contact customer service to locate a pharmacy offering preferred cost sharing near you.
This is the payment that you (or other third party) pays to Basic Blue Rx for your prescription drug plan benefits. Typically, the premium is paid monthly.
You can choose to pay your premium by mail, or you can sign up for electronic funds transfer (EFT) or automatic deductions from your Social Security or Railroad Retirement Board (RRB) distribution checks.
A time not during the annual election period or initial enrollment period when you are able to join, change, or drop your Medicare plan. An SEP can also be trigged by certain events. For example, a change in your residence may result in an SEP.
This is the cost sharing model offered by network pharmacies that don’t offer preferred cost sharing.
A standard pharmacy allows members to fill prescriptions using their plan benefit but does not offer the same low copayments and coinsurance as a preferred network pharmacy.
Teletypewriter (TTY) is a communication tool used by people who are deaf, hard-of-hearing, or who may have a speech impediment.