Reprinted from the Health District's quarterly publication mailed to district residents (Winter 2007)

If you’re enrolled in a Medicare Prescription Drug Plan, you have until Dec. 31 to make changes – and the sooner you complete this process the better.

“It’s a very good idea to reevaluate your plan every year,” says Eileen Hendee, Aspen Club coordinator and State Health Insurance Assistance Program director for Larimer County. “What’s working this year may not be the best plan for next year. Changes in your medications can also influence which plan provides you with the best benefits.”

Need assistance?

Medicare Help Line
(800) 633-4227
www.medicare.gov

Aspen Club
495-8560
 

To evaluate plans, visit the Medicare web site and click on “Find and Compare.” This feature will sort through all 55 plans to determine which ones provide the greatest value for you. Your specific medications are factored into these comparisons. Once the sorting is completed, a screen will display your best options.

“Evaluating plans strictly by the premium price doesn’t paint a complete picture of the cost to the enrollee,” cautions Hendee. The plan with the lowest premium might have higher co-payments, or your medications may not be included in its formulary. It’s important to look at all the variables before making a decision.

People who qualify for extra help also should reevaluate their plans, Hendee adds. “The biggest consideration is whether or not their medications are on the formulary. If they’re not, then enrollees will need to pay for their medications themselves.”

People who qualify for extra help can select from 12 plans that charge no premium. However, two plans that didn’t charge premiums last year – the Humana Standard Plan and the AARP plan – will charge premiums in 2008. If you have been on either of these plans, consider changing to one of the no-premium plans.

“The good news is that a lot of local agencies have undergone training, so they can help their clients with this process,” says Hendee. “The other good news is that enrollment can be done in minutes using the Medicare web site.”