Medicare Part
D offers a wide variety of plan options
There's something ironic about starting out life learning the ABC's only to return to the alphabet when a 65th birthday gifts seniors with Medicare plans that require participants to keep their letters in the right order or risk losing coverage. Medicare Part D is the portion of coverage that's elective and covers medications. It can be a daunting task to decide which insurance carrier and plan are right for an individual, but the good news is that the government makes the job of evaluating options easy thanks to a user-friendly website that takes seniors through the process of enrollment step-by-step. Of course, making the decision between the many options you'll be given is going to be a challenge, but this article will clarify things as you meander through the decision-making process.
Instructions
1. Understand that the Medicare Part D plan offers hundreds of different types of coverage and insurance administrators (private companies offering the coverage) so your due diligence -- when it comes to entering every one of your prescriptions into the database on the website -- is critical to narrowing down your choices. Additionally, you may have to make compromises when it comes to brand versus generic medicines.
2. Make certain you meet the enrollment deadline for Part D coverage or you'll be shut out for a year. The enrollment window is restrictive; you won't be able to start evaluating plans until it opens -- on November 15th of each year -- and you must make a decision about which plan is your best bet by December 31st. For those with a penchant for thorough research, it can be stressful to have just six weeks to make a decision but for now, this is non-negotiable.
3. Have your Parts A and B in place before you begin the process of choosing a carrier because you can't apply for Part D without being enrolled in the Medicare program. When time comes to select your drug coverage plan, gather up your Medicare ID card and a list of your prescriptions with dosages. Go to the government's site (find the link below) and key in your personal information including your Medicare ID number.
4. Follow the prompts to begin loading your prescription data. You will be asked to input each medication and the dosage on a separate web page to build your personal medication list. Expect pop-up menus to appear when you key in certain brand names because the site wants to know if you are willing to substitute a generic for the one you're currently taking. Once your medication list is complete, there's a prompt at the upper right hand corner of your computer screen that reads, "Find a prescription drug plan for me."
5. Expect the Medicare Part D site to do its calculations before presenting you with what may at first be perceived as a daunting list of options. This spread sheet will present you with columns of criteria associated with details on each plan offered in your geographic area.
6. Use the spreadsheet you've output to determine your best Part D plan choice. It will help if you can eliminate those that are out of your league: perhaps their annual deductible is too high, or you've had a bad experience with one carrier and don't wish to use it again. One of the key determinants for many people is the section on user reviews. Medicare surveys Part D plan users and includes their ratings and feedback to help others evaluate choices. Keep this in mind: every recommended plan on your list is based on the pharmaceuticals you take regularly, so you are assured of having coverage for them no matter which carrier you choose.
7. Enroll in the plan that makes the most sense to you based on your evaluation, knowing that even if you pick one that proves to be less than you had hoped for, you can get rid of it when the Medicare Part D enrollment season launches the following November 15th. Additionally, there are special circumstances that will allow you to get out early. These include moving away from your plan's service area, qualifying for state Medicaid help if your financial situation changes dramatically, if the plan stops offering prescription coverage, or if you enter or leave a nursing home.
Tags: Medicare Part, Part plan, make decision, medication list, November 15th, plan your
