Jon Corzine | Main | Medicare drug benefit sign-up process [corrected]

Thursday, November 10, 2005

New Medicare drug benefit tool

I'm playing around with the Medicare Prescription Drug Plan Finder for my mom. Completing the queries and entering the information is the easy part. So far I've learned there are 46 possible plans she would qualify for. I'm not sure, but that may actually be the number of plans for everyone.

The tool makes it possible to compare up to three plans at a time. All plans have a monthly premium. Some plans have a deductible and some don't. Some have an initial coverage limit and some don't. All plans have a co-pay. Of course, out of pocket drug expenses are always a factor. For some plans, the co-pay changes after the person meets her monthly drug costs.

Consideration must also be given to the plans' pharmacy network. In a town the size of Springfield (about 115,000 pop.), hopefully that would not be a major problem. So far, all the plans I've looked at offer a mail order option.

It looks like it's possible to change plans once the person is in. I think. The main thing, at this point, is getting in on time. If the person is within three months of qualifying for Medicare and doesn't get in during the initial sign-up period, there are penalties.

Posted by Marie at November 10, 2005 7:31 PM