commissions

Ilyce kicks off the show with new information on the Medicare prescription drug plan. Ilyce then takes calls on topics from double commissions to handling surrendered annuities for an elderly parent. As of November 15, 2005, you can elect into a medicare drug plan. Each company typically provides 3 plans at 3 different prices points with different coverage. Here's some of the Medicare information that was discussed on the show:

  Today, Medicare participants receive 75 percent of drug costs, after they pay the $250 deductible up to $2,250 in total spending. The plan currently pays 95 percent of drug costs after the participant spends a total of $3,600 in out of pocket expenses.

  The new plans are supposed to do better. A quick look at the Georgia drug plans that are available show that most offer 3 tiers, with the monthly premiums ranging from $17 to $62.29. The plans cover anywhere from 77 to 99 of the top 100 drugs. Most include tiered co-pays for drugs, which haven't yet been spelled out in the literature.

  Enrollment begins November 15, 2005, and coverage begins January 1, 2006, or the first day of the month after you sign up. If you currently get drug benefits from an outside insurance source (like a job you hold), there isn't a financial incentive to sign up now. But, if you don't have outside drug benefits, then the government wants you to sign up now. If you sign up later, the premiums will rise.

  For more information, check out www.cms.hhs.gov/map/map.asp. You can check out any state's plans from this website.