Medicare Part D – Making A Decision

Seniors are being asked to choose a drug plan with a dizzying array of information being thrown at them in order to make the choice. The problem is that if they make the incorrect choice, their health could be at risk. If they choose a provider for Medicare Part D that has a formulary that does not include their current prescriptions, then Medicare Part D is not going to save these seniors any money. So what should be done?

If you have an older parent or are friends with someone who is considering Medicare Part D it may be a good idea for these older people to have some additional input. Obviously there are older people who have memory problems and are not as capable of filtering through the multitude of plans being offered to them in order to choose the best plan.

Here are the things that will need to be done in order for the choice to be made.

1. Review the current drugs that are being used. Make an all-inclusive list of medicines that are currently being taken. It might be a good idea to speak to the doctors and ask what kind of medicines are likely to be needed in the future given any kind of existing chronic conditions. That way there will be fewer surprises when a new prescription is added.

2. Check the current drug coverage. A letter should have been sent from the insurer stating whether the plan is creditable, meeting Medicare’s minimum requirements. In this case, waiting may be the answer but the letter gives proof that the beneficiary didn’t wait until after coverage was needed to get good drug coverage.


3. The deadline for enrolling in a Part D plan is penalty-free until May 15, 2006. Get all the education before that deadline because once it passes, if there wasn’t a creditable drug plan in place at the time of enrollment, there will be an extra 1% charge on premiums for every month delay in signing up. That can be significant in a very short time frame.

4. Finally, be careful about options before actually making the choice. Find out what changes the employer plans to make should a Part D plan for prescription drugs be chosen. Will it affect current coverage? Some employers may continue to cover medical bills but it is expected that about half will drop retired employees from their insurance plans entirely should the former employees purchase a Part D plan.

Medicare Part D is like any major financial decision in that it should be made with a very clear head and without emotions attached. Choosing the right plan should be based on whether it will save the senior money on the prescription drugs that they take, exactly what it is supposed to do. If the plan doesn’t do that, it doesn’t matter how nice the people who try to sell it are, they aren’t the ones who will pay whatever drugs that won't be covered, the senior will.

Get the information and ask questions, lots of questions. Don’t forget that there are lots of resources out there to help make this decision as painlessly as possible, including Medicare’s website, http://www.medicare.gov/.