A Primer on Medicare Part D

The Medicare.gov Plan Finder Tool

Since all competing private plans offered by insurers must register their monthly premiums, individual drug costs, co-payments, and approaches to dealing with that coverage gap, the Plan Finder tool allows you to instantly compare and choose the best coverage. To make best use of this tool you'll need to get your Medicare card. Then line up all your prescription bottles and dosages.

(Note: If you're not computer savvy, and don't have anyone in your family to help, you can call 1-800-MEDICARE and they'll walk you through the process.)

Go to www.Medicare.gov and at the home page click on the top line that says "Medicare Drug Plans 2008 Plan Data." On the next page, click on "Begin Personalized Search." (If you don't have a Medicare card, you can do a generalized search, which is the other option on the page.)

On the next page you'll have the task of entering your prescriptions, one by one. Since there are many versions of some drugs, be sure you enter the name exactly. Or search the drug list alphabetically. The plan finder will suggest the lower-cost generic drug if available.

Then be sure you have entered the correct dosage amount, and the number of pills per day. Continue until you have entered all your drugs. (You can save your list of prescriptions at the site, to make it easier next time.)

On the next page, you can choose pharmacies in your zipcode to make sure that the plan you ultimately choose based on price is also convenient. Click once more and you'll be amazed to see all of the plans available in your area, starting with the one that has the lowest total estimated annual cost based on your prescriptions.

If you're not taking any prescriptions now, just choose the plan with the lowest monthly premium. But if you are planning to take those drugs all year long, you may care less about the monthly premium or annual deductible than about your total cost for the year.

The tool allows you to compare up to three plans, so you can see the differences. Then click on the name of the plan you choose to learn more details, including how to enroll.

Terry's Tips on Part D

Don't wait until the last minute to compare Part D plans, particularly if you don't have access to a computer. The phone lines at 1-800-MEDICARE now get crowded. If the least expensive plan is too expensive for you, contact the nearest Social Security office about the federal "Extra Help" program, or the State Department of Aging.

Many local senior citizens centers offer help with the process of choosing the best plan. Even your nearby chain drugstore may offer useful advice, since they participate in most major Part D plans, and have access to your list of drugs.

Finally, when you do enroll, you should always double check and get confirmation in writing that the plan does cover your drugs at the dosage levels you take, and any restrictions, according to Deane Beebe of MedicareRights.org, a website that also offers significant help in answering questions about Medicare Part D.

It always amazes me that we ask seniors to do the most sophisticated calculations about their financial decisions. But with a little help, seniors have proved they can do it. And that's The Savage Truth.

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