Parsing Through Prescription Plans

While Part D is a government-designed program, it is provided by private insurance companies, which compete to offer the most comprehensive coverage at the lowest cost.

Many insurance companies offer different structures for dealing with monthly premiums, co-payments and the "doughnut hole" gap during which no benefits are paid. In fact, you could go crazy trying to figure out which is the best plan for you -- the one that will cost you the least, cover all your drugs and is accepted by your local pharmacy.

But the new "PlanFinder" tool at the Medicare Web site makes quick work of all these comparisons. Following are my instructions for seniors.

Finding the Best Plan

Make sure you have a list of all your prescriptions and dosages, and your Medicare number if you have one. On the Medicare Web site, click on the first option: "Compare Medicare Prescription Drug Plans." On the next screen, find the little gray box that says "Find and Compare Plans." You can then choose between a general search using your prescriptions or a personalized search based on your Medicare claim number. You'll get to the same place either way.

You must give your zip code to sort for plans with pharmacies in your area. Then you'll be asked to enter your prescriptions one by one, including accurate dosages. The tool actually lists the most common drugs and dosages and helps you find your drug alphabetically. As you build your list of prescriptions, you'll also see generic equivalents. You can save this list with a password in case you want to finish later.