How to Find a Medicare Drug Program
Locating a Medicare prescription drug insurance plan can be on onerous task, so many just stick with the insurance they have when they retire. However, there are differences between plans in terms of cost, coverage, and the way payments are processed, so research is required to choose the best insurance plan for your needs.
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Instructions
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Read the information presented on the U.S. government Medicare prescription drug website (http://www.medicare.gov/pdp-basic-information.asp) to make sure you understand what Medicare prescription drug coverage is and how it works.
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Determine if you are eligible for Medicare because this will drive your eligibility for its prescription drug plan. You are qualified for Medicare if you: are an American citizen over the age of 65 and receive Social Security (or are eligible for it); are eligible for or receiving railroad retirement benefits; worked for the government and they contributed to Medicare on your behalf; if your living or deceased spouse met any of this criteria. If you are over 65 and don't meet these requirements, you can still access Medicare by paying a premium.
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Consider whether you might quality for extra help in paying for Medicare's prescription drug coverage if you qualify for Medicare and have low or limited income. If you do, almost all your costs will be paid for by Medicare. Call (800) 772-1213 or visit www.socialsecurity.gov to find out.
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Analyze your current plan. Write down how much you currently pay (including premiums and co-payments and deductibles). Document what is covered and not covered, in particular what you have been covered for or not in the past. Also, document concerns you may have about future drug needs and whether they are covered by your current plan. Summarize what the plan deductibles and co-payments are, and how the program operates -- for example, are payments made directly at the point of purchase and you pay only a co-payment or do you have to pay up front in full and submit receipts to the insurance company for reimbursement?
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Analyze other plans. You can either enroll in a Medicare Part D plan (drug coverage only) or in a Medicare Advantage plan (Medicare Part C plan) that includes a drug benefit. A good place to start to look at othe plans is by going going to the U.S. government Medicare site at: http://www.medicare.gov/MPDPF/Public/Include/DataSection/Questions/SearchOptions.asp. Using the tool provided on this site, you can look at new plans and compare them to your current plan.
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Check the ratings. Various news publications periodically evaluate Medicare drug insurance plans and rate them. An excellent place to look is at U.S. News and World Reports: http://health.usnews.com/sections/health/health-plans/index.html. Note that since insurance is state by state specific, all plans evaluated may not be available in your state.
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Look into how to purchase the insurance once you've picked a plan. Some plans are only sold by a broker; others can be bought by phone or online. Seek out help from the insurance company you have selected or from your state's insurance office.
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Tips & Warnings
Open enrollment for Medicare drug plans is between November 15 and December 31, so time is of the essence if you are serious about evaluating the need to make a change this year. It's best to reassess your plan annually. Hold onto any information that helped you with your evaluation so you can use it and update it the next year.
Protect yourself from insurance scams. If you are being sought by or are reaching out to an insurance broker, don't give out any personal information (such as a Social Security number) until you've verified him as a licensed insurance broker in the state you live. And, before you buy any policy, make sure the plan is an approved Medicare plan. To do this, make sure the plan is listed at www.medicare.gov or call 1-800-MEDICARE (800) 633-4227.
