Government health officials encouraged Medicare participants to take a good look at their prescription drug coverage for next year, as plan premiums are expected increase and drugs covered may change significantly. Medicare introduced Medicare Part D to help recipients get prescription drug assistance. Anyone with Medicare can get prescription drug coverage regardless of income, health status or number of prescriptions used. However, Part D plans are voluntary and must be paid for by the individual. Some low-income participants may qualify for prescription premium assistance and do not have to pay the premium. Plans are allowed to change their premium prices annually. They are allowed to change drug coverage at any time, but must give adequate notice to participants of upcoming changes. Plans can begin distributing information regarding changes on October 1 and must notify enrollees by October 31. Participants can change their plans beginning on November 1 through December 31—this is called the open enrollment period.

If participants are notified of significant changes in cost and/or drug coverage by their plan, they can compare plans to find one that meets their needs. A recent analysis of the ten most popular plans showed rate increases between 8% and 64%. Medicare recommends considering the following when comparing prescription drug plans.

Cost—The cost of the plan includes monthly premiums, deductible, and co-payments.

Coverage—All plans have a list of drugs covered called the formulary. Participants will want to may sure the drugs they take are on the formulary of the plan they choose. Plans are allowed to have a gap in coverage between $2,400 and $3,850 patient out-of-pocket expenses. This is called the "coverage gap," some plans may offer coverage in this gap at higher premiums and/or deductibles.

Convenience—Although every pharmacy must be allowed to participate in any plan, pharmacies may choose not to participate in certain plans. You may want to make sure your pharmacy accepts the plan you are considering.

Consider the Future—Although your drug expenses may be low now, consider that most chronic illnesses are now best treated with prescription medications and some of them are very expensive. Delaying enrollment will result in a penalty if you want to enroll later, increasing your prescription benefit costs.

The best way to compare plans is on the Medicare Prescription Drug Plan Finder. This interactive Internet tool allows you to narrow your search by preferences such as cost, drugs covered, and participating pharmacies. It is best to get in the habit of comparing plans annually as costs and benefits change. The drug plan finder is available at . Go to the prescription drug plan link to find the Prescription Drug Plan Finder.

Reference: http://www.medicare.gov/pdphome.asp, http://ncpa.yellowbrix.com/pages/ncpa/Story.nsp?story_id=121587447&ID=ncpa.

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