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Part D decision time

Medicare's drug plan takes effect today, but you can sign up without penalty until May 15. Help is available, so there's no reason to pass up the chance.

For those of you on Medicare sitting down to make your list of New Year's resolutions, here is something to add to "eat healthier" and "exercise more" - sign up for drug coverage. Medicare Part D takes effect today. That means if you've already signed up for a drug plan, you can be reimbursed for your drug costs beginning now.

Even if you haven't signed up yet, it's not too late to act. Anyone who enrolls during January will be covered beginning Feb. 1. Every Medicare recipient should make a decision by May 15; after that there will be a financial penalty for enrolling late.

The choices are daunting. Dozens of plans offer a variety of coverages with several variables to consider. But help is available.

The first step is to resolve to take action. Some Medicare recipients won't need to choose a drug plan. They include: retirees with drug coverage from their former employer; those already enrolled in Medicare Advantage (managed-care) plans that cover drug costs; and those who already get their drugs through the Department of Veterans Affairs.

However, if you are a Medicare recipient who pays full price for your prescriptions at the drug store, you should check out the drug coverage plans. A million retirees have already enrolled, and Medicare expects another 500,000 or so to sign up by this month. If the coverage is going to save you money, why wait?

The first thing to do is make a list of the drugs you take and the pharmacies where you fill your prescriptions. Armed with that information and your Medicare card, you will be ready to use the agency's Medicare Prescription Drug Plan Finder. It is available on the Web beginning at the Medicare home page www.medicare.gov)

For those who got discouraged when trying to use the interactive page in the past, there is good news. Medicare updated it last month and it is much more useful. When you choose the option "Find a Medicare Drug Plan," you will be able to enter the drugs you take and even choose a specific pharmacy. Then the finder will list the drug plans available to you. Each choice will list the annual deductible (if any), the monthly premium and estimated annual cost, and whether you can order your drugs through the mail.

Cost alone is not the reason to choose one plan over another. Check out the coverage details and see if your drugs are available without restrictions, which could cost more but be worth it. Also, some individuals may want to avoid the $250 deductible, preferring instead to pay a higher monthly premium.

Not every retiree is able to use the Internet, but the same information is available over the phone by calling Medicare at 1-800-633-4227. Those who feel they are unable to make the choice alone should seek out a trusted relative, friend or adviser to help.

The important thing is to make a choice. Low-income Medicare recipients have the most to gain, yet many have been slow to sign up. Those with limited income and assets should find out from the Social Security office if they are eligible for subsidized drug coverage.

Since Medicare recipients can change their drug coverage at least once this year, there is no reason to worry too much about picking the very best plan. Nearly any thoughtful choice will lead to savings for those with costly prescriptions.

"This is an opportunity," said John Rother, policy director for AARP. "It is complicated to figure out your choice, but it is worth it to most people."

That makes enrolling in a Medicare drug plan one New Year's resolution you should keep.

To research Medicare Part D drug coverage plans, try Medicare's Web site or toll-free telephone number.

On the Web: www.medicare.gov

On the phone: 1-800-633-4227

[Last modified December 30, 2005, 20:45:04]