A Primer on Medicare Part D

Attention seniors -- and those who love them. Medicare Part D, the prescription drug program, is back again. Starting Nov. 15th and continuing through Dec. 31st, there is a new "open enrollment" period for 2008 Part D coverage.

Since some participating insurance companies have changed their prices for medicines, adjusted the amount of the copayment, or "tier," of some drugs, or changed the basic monthly premium, it is essential to go through the whole process again to make sure you're getting the best deal and that all your drugs are still covered at the same prices. Many plan participants have already received an "Annual Notice of Change" -- a signal that there's something different this year.

So, here's a reminder of how Medicare Part D works, along with a quick lesson in how to use the Medicare.gov "PlanFinder" tool to choose the plan that's best for you -- or your mother, or grandmother! (Remember, if they don't get your help now to pick a Part D insurance plan, they may be asking you for help later to pay for their prescriptions.)

What is Medicare Part D?

Medicare Part D was started in 2006 to make sure that all seniors can get access to prescription drugs through a national insurance program provided by private insurers. Since it is an insurance program, every senior must sign up, even if they are not currently taking prescription drugs. The only exception is for seniors covered by a "creditable" plan such as a workplace health insurance program or corporate retiree plan.