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TIPS For Families |
Submitted by: Debra E. Schroeder,
Extension Educator in Cuming County Millions of Medicare
beneficiaries, and the relatives helping them, now face a daunting taskChow
to pick one private prescription drug plan from a huge range of choices. There is good reason
why people should carefully compare all the plans available to them. It's
because the best savings are in the details. Only by looking at what you would
actually pay out of pocket for your drugs for the whole year under each plan
can you find the least expensive one that meets your needs. The most effective way
to make that comparison is through the Drug Plan Finder tool on the official
Medicare website at www.medicare.gov. (Click on Compare Medicare Prescription Drug Plans on the website's
home page and follow the instructions.) If you don't have Internet access, you
can get the same details by calling Medicare's hotline at (800) 633-4227.
The goal of the WEB page is to allow
people on Medicare to plug in their ZIP code, their coverage preferences and
the names of the drugs they take and then see a personalized display that
shows exactly how much they would pay for their own drugs during 2006 under
any plan serving their area. Forty-two plans available in our area
and there are big differences in the drugs they cover and the premiums, deductibles
and co-payments they charge. Make a list of the prescription drugs
you take now and their dosages. This is essential to find out exactly how
much you will pay under each planCregardless of whether
you use Medicare's website or call its hotline. Find
out which plans cover your drugs and how much you will pay for them. This is the most critical step you can take to figure out your actual costs
under each planCbecause often it
is the co-pays, not the premiums or deductibles that will determine your overall
out-of-pocket spending. When you've entered the names and dosages
of your medications, you'll see a comparison chart listing each plan in your
area and the total amount you would spend out of pocket in 2006 under itCincluding premiums, deductible and your share of the cost of the drugs.
The least expensive option is listed first. If you take multiple drugs, you may
find that the least costly plan has a higher than average premium. That may
be because its co-pays are lower than other plans or because it provides payment
for drugs in the coverage gap, also known as the doughnut hole. (Under plans
that do not fill in the gap, after you and the plan have paid for drugs costing
$2,250 in a year, you would have to pay the entire cost of the next $2,850
worth of drugs until catastrophic coverage kicks in.) A plan that does not cover all your
drugs on its formulary is likely to be much more expensive, since you would
have to pay full retail price for the uncovered drugs. The plan finder reflects
those extra costs. Click on the "Select Below"
button and then on "View Cost Details" to find out which of your
drugs are on the plan formulary and the co-pays charged for them. Drugs not
on the formulary are marked with double asterisks. Look at the "preferred" pharmacies
in each plan's network. The cost-compare chart shows the number of each plan's
preferred pharmacies in your ZIP code. Click on the number to see which are
available within a certain distance. You can extend the distance for more
names. Going to a pharmacy outside the network costs more. Limit your search by service area. If
you spend some of the year in another part of the country, you'll need a plan
that allows you to buy your drugs away from home. There are 10 plans that
operate nationwide. These are basic tips. A great deal more
information is provided on the plan finder and varies according to the personal
details you plug in. As a precaution, before signing up for
a particular plan, you can contact it by phone or go to its website to check
important details about coverage and costs. Before signing up for a plan check
with your pharmacist to make sure they can process claims for that company.
Taking the time to make careful comparisons
is key. There's no rush. Enrollment began Nov. 15 and you have until May 15,
the final deadline for current Medicare enrollees to get coverage in 2006. If you've already signed up for a plan
and find another you prefer, you can switch before May 15. Enrolling in a
second plan will automatically cancel your enrollment in the first. Medicare Part D has many intricate details.
Remember the savings are in the details. Please help us learn how your family
has used this information. Click on TIPS Feedback Form at the bottom of this page. For
more information on Medicare Part D go to the University of Nebraska-Lincoln
publication website at www.ianrpub.unl.edu
and click on Families. |
