How to Pick a Medicare Part D Plan

Medicare Part D is a program designed to help finance the costs of prescription drugs for people receiving Medicare benefits. It was initiated as part of the Medicare Prescription Drug Improvement and Modernization Act of 2003 and officially went into effect on Jan. 1, 2006. The annual enrollment period begins on Nov. 15 and runs through Dec. 31. However, before enrolling in any one of the many plans available, you must first consider what you will be able to afford in terms of premiums, deductibles and co-payments, as well as the drugs that will be covered as part of the plan.

Things You'll Need

• List of your medications and their cost
• Computer with Internet access
• Your Medicare card

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Instructions

Choosing Your Medicare Part D Plan

• 1

  Ask your pharmacist for ways you may be able to save money on your current monthly prescription drug costs. Specifically, you should inquire as to whether you are able to switch to generic drugs, which are much less expensive than their brand-name counterparts. Your pharmacist may also be able to determine if you can consolidate your pills; that is, find one pill that can do the same job as two or three.

• 2

  Ask your pharmacist to print out a revised list of your medications and what these prescription drugs would cost you every month if you did not have insurance. This is essential because, in 2009, most basic Medicare Part D plans only covered drug costs up to $2,700. Beyond that, seniors paid out of pocket until they reached $4,350 in costs. This is commonly referred to as the "donut hole."

• 3

  Go to www.medicare.gov/pdphome.asp and click on "Medicare Prescription Drug Plan Finder."

• 4

  Click on "Find and Compare Plans."

• 5

  Your next option will depend on whether you have your Medicare card. If you have it, you will want to click on "Begin Personalized Search." Here you will be able to narrow your search for a Part D plan by entering your personal preferences on matters such as cost, participating pharmacies and the drugs that will be covered (and whether they match those on your list).