Important Notice from Valencia College 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 health insurance plan relative to prescription drug coverage with Valencia College and the prescription drug coverage that became available January 1, 2006, for people with Medicare. It also tells you where to find more information to help you make decisions about your prescription drug coverage. Read this notice carefully - it explains the options you have under Medicare prescription drug coverage, and can help you decide whether or not you want to enroll. You’re already aware of Medicare’s prescription drug coverage but wondered how it would affect you. Valencia College has been advised by CIGNA Healthcare that the prescription drug coverage offered through CIGNA is, on average for all plan participants, expected to pay out as much as the standard Medicare prescription drug coverage will pay. Starting January 1, 2006, prescription drug coverage was available to everyone with Medicare through Medicare prescription drug plans. All Medicare prescription drug plans will provide at least a standard level of coverage set by Medicare. Some plans might also offer more coverage for a higher monthly premium. Because your existing coverage is on average at least as good as standard Medicare prescription drug coverage, you can keep the coverage offered through Valencia College and not pay a penalty if you later decide to enroll in Medicare prescription drug coverage. People with Medicare can enroll in a Medicare prescription drug plan; however, because you have an existing health insurance plan with prescription drug coverage that, on average, is as good as Medicare coverage, you can choose to join a Medicare prescription drug plan later. Each year, you will have the opportunity to enroll in a Medicare prescription drug plan between November 15 and December 31. If you do decide to enroll in a Medicare prescription drug plan and cancel your Valencia College health plan, which carries prescription drug coverage, be aware that you will NOT be able to reenroll in the health plan through Valencia College at a later date. If you cancel your health insurance coverage with Valencia College and enroll in a Medicare prescription drug plan, you will not be able to enroll in the coverage offered through Valencia College at a later date. You should compare your current health insurance coverage, including which drugs are covered, with the coverage and cost of the plans that offer Medicare prescription drug coverage in your area. The Valencia College CIGNA Healthcare prescription drug coverage is not subject to a deductible or coinsurance. Copayments for prescription drugs are: OPEN ACCESS PLUS IN-NETWORK (similar to HMO) $15 Preferred Generic Prescription Drugs, $40 Preferred Brand Prescription Drugs, $60 Nonpreferred Prescription Drugs, and $70 Self-administered Injectables. For the OPEN ACCESS PLUS (similar to PPO) copayments are $10 Preferred Generic Prescription Drugs, $35 Preferred Brand Prescription Drugs, $50 Non-preferred Prescription Drugs, and $60 Self-administered Injectables. Also, your current coverage pays for other health expenses, in addition to prescription drugs, and you will be eligible to receive all of your current health and prescription drug benefits even if you choose to enroll in a Medicare prescription drug plan. You should also know that if you cancel or lose your health insurance coverage with Valencia College and don’t enroll in Medicare prescription drug coverage after your current coverage ends, you may pay more to enroll in a Medicare prescription drug coverage later. If, after your eligibility period to enroll in Medicare ends, you go 63 days or longer without prescription drug coverage that’s at least as good as Medicare’s prescription drug coverage, your monthly premium will go up at least 1% per month for every month that you did not have adequate prescription drug coverage. For example, if you go nineteen months without coverage, your Medicare premium will always be at least 19% higher than what most other people pay. You’ll have to pay this higher premium as long as you have
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.