Senior citizens in my district have voiced concerns over the news that those who benefit from the Elderly Pharmaceutical Insurance Coverage (EPIC) program will also be enrolled in the new federal Medicare Part D prescription drug plan. Program participants can rest assured the successful EPIC program will continue to exist. In fact, when EPIC customers combine their current coverage with prescription drug coverage under Medicare Part D, they will benefit from lower costs while saving taxpayer dollars.
Because they receive benefits for both programs, seniors will receive the lowest possible co-pay at the pharmacy and enjoy maximum prescription drug coverage. Coverage will be provided for nearly all drugs, including insulin. All eligible seniors have until May 15 to lock in their low cost savings rates with Medicare Part D. However, if an individual misses the deadline, a 1 percent increase will be placed on their Medicare costs and the coverage will take effect the following January.
By enrolling in both EPIC and Medicare Part D, seniors will enjoy lower health care costs and New York taxpayers would save around $216 million. By combining the benefits of these two health care programs, both seniors and working families will save more of their hard-earned money.