Seniors urged to evaluate drug plan
Colorado Insurance Commissioner David Rivera encourages Coloradans who are eligible for, but have not signed up for, the new Medicare prescription drug program, to evaluate whether the program is right for them before a critical enrollment deadline of May 15. After May 15, consumers will have to wait to enroll until an annual election period from Nov. 15 through Dec. 31 of each year, for their insurance to begin on Jan. 1. If they miss the deadline, they will incur a 1 percent per month penalty – an additional charge on top of their monthly premium. So, for example, if an eligible consumer misses the May 15 deadline he will pay a 1 percent penalty since his drug benefit would not take effect until Jan. 1, 2007. Consumers who already have drug coverage that is as good as or better than that offered by Medicare are exempt from the penalty.
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