Page 44 - 2020 Benefits Guide

Required Notices

Important Notice from Builders FirstSource pay prescription drug benefits first, and Medicare
(BFS) and About Your Prescription Drug Cov- will determine its payments second. For more
erage and Medicare information about this issue of what program pays
Please read this notice carefully and keep it where first and what program pays second, see the Plan’s
you can find it. This notice has information about summary plan description or contact Medicare at the
your current prescription drug coverage with telephone number or web address listed herein.
Builders FirstSource (BFS) and about your options
under Medicare’s prescription drug coverage. If you do decide to join a Medicare drug plan and
This information can help you decide whether or drop your current Company-sponsored medical
not you want to join a Medicare drug plan. If you coverage, be aware that you and your dependents
are considering joining, you should compare your will not be able to get this coverage back.
current coverage, including which drugs are covered
at what cost, with the coverage and costs of the When Will You Pay A Higher Premium (Penalty)
plans offering Medicare prescription drug coverage To Join A Medicare Drug Plan?
in your area. Information about where you can get You should also know that if you drop or lose your
help to make decisions about your prescription drug current Company-sponsored medical coverage and
coverage is at the end of this notice. don’t join a Medicare drug plan within 63 continuous
days after your current coverage ends, you may pay
There are two important things you need to know a higher premium (a penalty) to join a Medicare drug
about your current coverage and Medicare’s plan later. If you go 63 continuous days or longer
prescription drug coverage: without creditable prescription drug coverage, your
1. Medicare prescription drug coverage became monthly premium may go up by at least 1% of the
available in 2006 to everyone with Medicare. Medicare base beneficiary premium per month for
You can get this coverage if you join a Medicare every month that you did not have that coverage.
Prescription Drug Plan or join a Medicare For example, if you go nineteen months without
Advantage Plan (like an HMO or PPO) that offers creditable coverage, your premium may consistently
prescription drug coverage. All Medicare drug be at least 19% higher than the Medicare base
plans provide at least a standard level of coverage beneficiary premium. You may have to pay this
set by Medicare. Some plans may also offer more higher premium (a penalty) as long as you have
coverage for a higher monthly premium. Medicare prescription drug coverage. In addition,
2. Builders FirstSource (BFS) has determined that you may have to wait until the following October to
the prescription drug coverage offered under join.
the Company-sponsored medical plan(s) is, on
average for all plan participants, expected to pay For More Information about This Notice or Your
out as much as standard Medicare prescription Current Prescription Drug Coverage
drug coverage pays and is therefore considered Contact the persons listed at the end of these
Creditable Coverage. Because your existing notices for further information. NOTE: You’ll get this
coverage is Creditable Coverage, you can keep notice each year. You will also get it before the next
this coverage and not pay a higher premium (a period you can join a Medicare drug plan, and if the
penalty) if you later decide to join a Medicare drug Company-sponsored medical coverage changes.
plan. You also may request a copy of this notice at any
time.
When Can You Join A Medicare Drug Plan?
You can join a Medicare drug plan when you first For More Information about Your Options under
become eligible for Medicare during a seven-month Medicare Prescription Drug Coverage
initial enrollment period. That period begins three More detailed information about Medicare plans that
months prior to your 65th birthday, includes the offer prescription drug coverage is in the “Medicare
month you turn 65, and continues for the ensuing & You” handbook. You’ll get a copy of the handbook
three months. You may also enroll each year from in the mail every year from Medicare. You may also
October 15th through December 7th. However, if be contacted directly by Medicare drug plans. For
you lose your current creditable prescription drug more information about Medicare prescription drug
coverage, through no fault of your own, you will also coverage:
be eligible for a two (2) month Special Enrollment • Visit www.medicare.gov
Period (SEP) to join a Medicare drug plan. • Call your State Health Insurance Assistance
Program (see the inside back cover of your
What Happens To Your Current Coverage If You copy of the “Medicare & You” handbook for their
Decide to Join A Medicare Drug Plan? telephone number) for personalized help
If you decide to join a Medicare drug plan, your • Call 1-800-MEDICARE (1-800-633-4227). TTY
current coverage in the Company-sponsored users should call 1-877-486-2048
medical plan(s) will not be affected. For most If you have limited income and resources, extra help
persons covered under the Plan, the Plan will paying for Medicare prescription drug coverage is
available. For information about this extra help, visit
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