Page 48 - 2021 Team Member Benefit Guide - English

Required Notices

Important Notice from Builders FirstSource first, and Medicare will determine its payments
(BFS) and About Your Prescription Drug Cover- second. For more information about this issue of
age and Medicare what program pays first and what program pays
Please read this notice carefully and keep it where second, see the Plan’s summary plan description or
you can find it. This notice has information about contact Medicare at the telephone number or web
your current prescription drug coverage with address listed herein.
Builders FirstSource (BFS) and about your options
under Medicare’s prescription drug coverage. This If you do decide to join a Medicare drug plan and
information can help you decide whether or not drop your current Company-sponsored medical
you want to join a Medicare drug plan. If you are coverage, be aware that you and your dependents
considering joining, you should compare your current will not be able to get this coverage back.
coverage, including which drugs are covered at what
cost, with the coverage and costs of the plans offering When Will You Pay A Higher Premium (Penalty) To
Medicare prescription drug coverage in your area. Join A Medicare Drug Plan?
Information about where you can get help to make You should also know that if you drop or lose your
decisions about your prescription drug coverage is at current Company-sponsored medical coverage and
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 higher
set by Medicare. Some plans may also offer more premium (a penalty) as long as you have Medicare
coverage for a higher monthly premium. prescription drug coverage. In addition, you may have
2. Builders FirstSource (BFS) has determined that to wait until the following October to join.
the prescription drug coverage offered under
the Company-sponsored medical plan(s) is, on For More Information about This Notice or Your
average for all plan participants, expected to pay Current Prescription Drug Coverage
out as much as standard Medicare prescription Contact the persons listed at the end of these
drug coverage pays and is therefore considered notices for further information. NOTE: You’ll get this
Creditable Coverage. Because your existing notice each year. You will also get it before the next
coverage is Creditable Coverage, you can keep this period you can join a Medicare drug plan, and if the
coverage and not pay a higher premium (a penalty) Company-sponsored medical coverage changes. You
if you later decide to join a Medicare drug plan. also may request a copy of this notice at any time.
When Can You Join A Medicare Drug Plan? For More Information about Your Options under
You can join a Medicare drug plan when you first Medicare Prescription Drug Coverage
become eligible for Medicare during a seven-month More detailed information about Medicare plans that
initial enrollment period. That period begins three offer prescription drug coverage is in the “Medicare
months prior to your 65th birthday, includes the month & You” handbook. You’ll get a copy of the handbook
you turn 65, and continues for the ensuing three in the mail every year from Medicare. You may also
months. You may also enroll each year from October be contacted directly by Medicare drug plans. For
15th through December 7th. However, if you lose your more information about Medicare prescription drug
current creditable prescription drug coverage, through coverage:
no fault of your own, you will also be eligible for a two • Visit www.medicare.gov
(2) month Special Enrollment Period (SEP) to join a • Call your State Health Insurance Assistance
Medicare drug plan. Program (see the inside back cover of your copy of
the “Medicare & You” handbook for their telephone
What Happens To Your Current Coverage If You number) for personalized help
Decide to Join A Medicare Drug Plan? • Call 1-800-MEDICARE (1-800-633-4227). TTY
If you decide to join a Medicare drug plan, your current users should call 1-877-486-2048
coverage in the Company-sponsored medical plan(s) If you have limited income and resources, extra help
will not be affected. For most persons covered under paying for Medicare prescription drug coverage is
the Plan, the Plan will pay prescription drug benefits available. For information about this extra help, visit
Social Security on the web at www.socialsecurity.gov,
or call them at 1-800-772-1213 (TTY 1-800-325-0778).
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