Medicare Prescription Drug Plan Choices

Joyce Remy

The new Medicare prescription drug program ("Medicare Part D") went into effect on January 2006. People who signed up by December 31, 2005 will begin receiving benefits immediately. You can still enroll without a financial penalty until May 15, 2006. If you are already on Medicare and sign up for prescription coverage after that date, you will have to pay more to get drug coverage later an extra 1 percent or each month that you delay. So, the longer you wait to join up, the higher your premium will be.

Many seniors report feeling totally confused about the prescription drug benefit and indeed, the decision can be pretty complicated. Should you stay with your existing drug coverage, if you have it? Should you sign up for a Medicare-approved private plan? And if so, which plan should you choose? The plans vary quite a bit as to cost and coverage, so it's important to select the plan that best fits your particular needs.

A handy tool to use during the decision-making process is the new Medicare Prescription Drug Plan Finder on the Medicare.gov web site. With this interactive tool, you enter information including your current prescriptions, the amount you pay for them, current drug coverage, preferred pharmacies, and your current Medicare and supplementary ("Medigap") policies. Then, the Drug Plan Finder shows you a list of available plans in your area including a comparison of cost, coverage, deductible, which drugs and the quantity of each a particular plan covers, etc.

Also on the Medicare.gov Website:

Basic information about Medicare Prescription Drug Coverage   

Landscape of Local Plans  

Examples and demonstrations of how to make the decision in "Common Situations"   

For live help, call

1-800-MEDICARE
(1-800-633-4227)
TTY: 1-877-486-2048

24 hours a day, 7 days a week.

For more information about Medicare Prescription Drug Coverage, see....

AARP's Medicare Prescription Drug Coverage web page

The site includes updates and information, as well as  "Making a Decision About Medicare Prescription Drugs," to help you decide whether to opt in or not, taking into account your current and equally important, your future needs.

Social Security Administration

Information about the "Extra Help" program, which helps pay the premium for very low-income seniors.

Benefits Checkup RX

A decision-support tool from the National Council on Aging that can help you select a plan and find out if you qualify for extra help.

Medicare Rights Center

This non-profit advocacy organization offers information and decision-making tools, including a comprehensive 35-page information sheet, Medicare Drug Coverage 101 (PDF). 

2006 Caresource Healthcare Communications