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| The Medicare Part D Prescription Drug Plan was rolled out on January 1, 2006, to help Medicare recipients reduce the costs of their medications. In order to efficiently roll the program out Medicare decided to offer the drug program through private insurance companies.
Although there is a basic minimum guideline for the structure of the drug plans to be offered the various insurance companies are given some liberties to improve on the plan. This has caused some confusion as to which plan makes sense for each person’s particular situation. Medicare, in an attempt to help people sift through the plans, has provide resources on their website at: http://www.medicare.gov/pdphome.asp Specifically, you will find a tool called the “Medicare Prescription Drug Plan Finder” at: http://www.medicare.gov/ This tool allows you to enter your current medications in to the tool and will do the math to tell you which plan, of all those available in your area, will save you the most money. Our recommendation is to only enter your name brand drugs in to the tool as you can often get your generic medications at superstores for between $4-7 per generic drug per monthly supply. If you do not take medications you still might want to take the lowest cost plan available in your area to avoid the 1% monthly penalty per month Medicare will assess for each month you could have taken a drug plan but didn’t. You can find the lowest cost plan by visiting Medicare’s “Landscape of Local Plans” section at: http://www.medicare.gov/pdphome.asp and entering in your information or call us at (877) 363-3442 for assistance. |
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