Choose Wisely with Medicare Part D Plans

Many
Medicare beneficiaries are not aware that the open enrollment period for the
Medicare Part D Drug plans is happening right now. You have until December 7th
to determine if it is to your benefit to change plans, which could save you
money.

Have you signed up for Medicare
Part D yet? Time is ticking, but don’t move before thinking through the
options. Just because something worked this year doesn’t mean that it will be
good for you next year, and big changes are afoot in many popular plans. So
don’t get trapped in an inefficient plan.

Here is a sobering statistic
pulled by a posting over at the New Old
Age blog on the New York Times: “only 5.2 percent of Medicare Part D
beneficiaries manage to choose the most economical plan” (see “Part D, Part 2”). And why would that
be? The market shifts greatly from year to year and providers frequently hide
the gritty details with broad promises, but it’s those very details that
determine your day-to-day life and much of your finances.

For a short list of things to
watch for and a broader view on comparing plans it may be helpful to review
another article, “Avoid A Costly Medicare Part D Mistake Right
Now” through Forbes.

The big things to watch?

1. Increased monthly premium.
2. Increased deductible amount.
3. Changes in what drugs the
        plans cover and how well they cover them.
4. Changes in the medications
        you take.
5. Your plan may no longer be
        offered. In this case if you do nothing you will be enrolled in another
        plan that may not be the best suited for you.

Remember: you must pick before
December 7^th! Choose wisely.

References: Forbes
(November 8, 2012) “Avoid A Costly Medicare Part D Mistake Right
Now”

The New York Times – The New Old Age Blog (November 1, 2012) “Part D, Part 2”