Evaluating Options: Choosing a Medicare Prescription Drug Plan in 2008

If you have Medicare Hospital Insurance and/or Medicare Medical Insurance, signing up for an additional Medicare prescription drug plan is always a good idea, especially if you spend a great deal of money each year on medication. These drug plans, offered to you through private companies working with Medicare, have different costs and diverse types of coverage. Consequently, finding the right plan can seem daunting when you’re faced with the many options available to you.

A good place to start when choosing a prescription drug plan is by figuring out what type of medication you most frequently purchase. In many plans, medications are organized into “tiers” of various costs. The type of drugs for which you need coverage will affect the tier, or category you fall into, impacting the cost to you. Some plans have more tiers than others. You will also want to make sure the drugs you use most are, indeed, on the plan’s coverage list.

Weigh the overall cost of the plans, considering the medications you will most need covered. Some plans will require a deductible and/or a monthly premium, and some won’t. Additionally, you want to make sure the plans you consider allow you to use pharmacies you are comfortable with. Some will limit accepted pharmacies.

Fortunately, if you’re feeling overwhelmed, there are a number of resources available to you. Online, you can find help at www.medicare.gov. You can also call 1-800-633-4227. Finally, you can call your State Health Insurance Assistance Program.

Whatever you do, don’t let uncertainty about drug plans deter you from choosing the right one for you! Once you find a Medicare prescription drug plan that best suits your needs and are able, then, to better afford the medication you need, you will be on your way to a healthier, happier you.