NCUA Chairman Says America’s Credit Unions
Vital to New Medicare Benefits Awareness Campaign
Washington, June 16, 2005 – America's credit unions are positioned to be a catalyst in a nationwide outreach initiative to reach millions of seniors and disabled Americans who are eligible for enhanced Medicare benefits, says NCUA Chairman JoAnn Johnson.
Chairman Johnson was among senior administration officials who joined with President George W. Bush to kick-off a massive national outreach effort. The campaign will bring together medical, community, and local partners with the Federal government to educate seniors and Americans with disabilities about the new prescription drug benefit.
“The federal government will work hard to ensure that Medicare beneficiaries understand their options,” said President Bush. “I’ve asked every agency that touches the lives of seniors or disabled Americans to devote resources to explaining the prescription drug benefit. And we need the help of the private sector, as well. The only way to reach everyone on Medicare is to mobilize compassionate citizens in communities all over the country.”
President Bush expressed his appreciation to Chairman Johnson for the work of the nation’s credit unions involved in economic empowerment.
“With over 83 million members, credit unions have a great opportunity to be apart of this nationwide initiative and assist in this awareness campaign for Medicare beneficiaries,” said Chairman Johnson. “Everyday, credit unions fulfill the ‘people helping people’ philosophy, and the awareness of the new enrollment process will be vital for ensuring their members receive these new and enhanced benefits. We call on credit unions to join in this awareness campaign.”
The Medicare Modernization Act created a prescription drug benefit. Effective January 1, 2006, the new coverage will help all Medicare beneficiaries pay for prescription drugs, offer better choices of plans and drug benefits, and provide extra help to beneficiaries with limited income and resources. The enhanced Medicare benefits will pay nearly all of low-income beneficiaries’ drug costs and about one-third of seniors will be eligible for a Medicare drug benefit without premiums, deductibles, or gaps in coverage. Co-payments will amount to no more than $5 for most people, and more than 95 percent of their drug bills will be covered.
“Credit unions are answering the call of service by providing health savings accounts, and informing their senior and disabled members about this opportunity will be an added value to their credit union family,” said Chairman Johnson. “Whether it’s a statement stuffer, posters in a branch, newsletters or other means to enhance awareness, it makes a tremendous difference.”
Timeline for the Awareness Campaign
June-September, 2005: Awareness + Limited Income Enrollment
October, 2005: Support for Prescription Drug Plan Enrollment
November 15, 2005: Open Enrollment Period Begins
January 1, 2006: Prescription Drug Coverage Starts
May 15, 2006: Open Enrollment Period Ends
“It is important that beneficiaries are informed as soon as possible, because like any other insurance, they will pay more if they don’t enroll during the open enrollment period.”
All beneficiaries will receive a new handbook, “Medicare and You,” in October, containing specific information about the new prescription drug plans available. For beneficiary questions, all 1-800-MEDICARE or visit www.medicare.gov for answers.
Organizations interested in MedicareRx outreach information and materials, visit: http://www.cms.hhs.gov/partnerships/
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