Dear Friends,
The rising cost of prescription drugs has forced the federal government to enact
legislation to address this problem. The Medicare Prescription Drug Discount Card
Program was signed into law in 2003, but is not slated to take full effect until 2006.
However, New York seniors, age 65 and over, have been able to take advantage of
EPIC, the Elderly Pharmaceutical Insurance Coverage Program, since October 1987.
EPIC provides prescription drug coverage to over 330,000 seniors with incomes of up
to $35,000 for individuals and $50,000 for married couples.
Under the new federal legislation, Medicare drug benefits will offer another choice to
EPIC enrollees. Seniors will also be able to choose between Medicare and EPIC and,
in some cases, enroll in both programs to maximize their benefits.
From now until December 2005, seniors enrolled in EPIC can apply for the Medicare
interim discount card and its estimated 10 percent to 25 percent discount on prescription
drugs. The discount card will also be available to single seniors with an annual income up
to $12,569 or a married couple with an annual income up to $16,862. A $600 credit will be
provided annually to seniors who qualify.
Included is an analysis of the potential impact the federal Medicare Prescription Drug
Discount Card Program may have on New York’s EPIC Program. This analysis offers
suggestions to consumers about anticipated costs, savings and the options available
to them. This information is being provided to help you make an informed choice when
selecting a prescription drug plan. I hope you find this information useful. If you have any
questions, please contact me.
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Sincerely,
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Michael J. Fitzpatrick
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