Cost of Medicare Part D going up for 2010
Expect to pay more for a Medicare Part D prescription drug plan in 2010. Insurance companies that offer Part D coverage are raising premiums. Many plans that did not have a deductible, are now requiring a calendar year deductible. In many cases, co-pays are also increasing.
Do your homework and take advantage of the Annual Enrollment Period (AEP), which starts, November 15 and continues through December 31st. The AEP is the opportunity for you to compare plans and make sure that you have the best plan for your circumstances. Completing an application during the AEP will ensure that your new coverage will go into effect on January 1st.
Medicare’s website updates plan information
Get all the facts about Medicare Part D Plans in your area. Go to the Medicare website and find plans in your area. The website has been updated to reflect information on 2010 Medicare Part D and Medicare Advantage Plans.
When comparing plans, its important to look beyond the monthly premium and also do some research on the plan’s formulary. The formulary is the list of drugs that are covered by the plan. Often times one company will place a drug in a higher cost tier than another company. If you can save a substantial amount of money on co-pays, it may be worth it to pay a little extra in plan premium.
If you budget is being stretched, this may be the time to have a conversation with your doctor to see if a generic drug is available to replace a brand name drug that will generally have a higher co-pay.
Additionally, if you are on maintenance medications, consider using the plan’s mail order pharmacy option. Many plans offer a 90 day supply for only two months co-pays.
If you are armed with a little knowledge and invest a little time in researching your options, you can still get a viable Part D drug plan and stay within a reasonable budget.
