AICPA Insurance Programs

Medicare Prescription Drug Plans -
Making an Informed Decision

Beginning January 1, 2006, the new Medicare prescription drug coverage became available to all Medicare beneficiaries. Open Enrollment for Part D began November 15, 2005. Through May 15, 2006, beneficiaries may enroll without penalty. With so many options available, it can be a lot of information for everyone to digest in a short timeframe. So what are your next steps? How do you make a selection?

It is important that you understand your prescription drug coverage options and evaluate your out-of-pocket costs in your current Medicare supplement plan versus the various Medicare Prescription Drug Plans (Part D). Since premiums, deductibles, co-payments, co-insurance terms, network pharmacies, and eligible drugs can very by plan, be sure to compare prescription drug plans (PDPs) available in your area before choosing to enroll.

5 Steps to Making an Informed Decision

STEP 1
Read the information provided by Medicare and gather other information from trusted sources.

STEP 2
Familiarize yourself with important Medicare program dates and deadlines. (See important dates below.)

STEP 3
Make a list of the prescription drugs you are currently taking and pay special attention to the drug strength.

STEP 4
Obtain a list of approved Medicare prescription drug plan providers in your area. (See Locate Providers section below.)

STEP 5
Compare plans to find one that meets your needs.

 
Important Dates to Remember

Open enrollment begins November 15th of each calendar year and runs through December 31st for coverage that will begin on January 1st of the following calendar year.

 
Locating Providers

1. Call 1-800-MEDICARE (1-800-633-4227) or visit their website http://www.medicare.gov.
2. Check for local events for help enrolling in Part D. Contact your local office on aging. For the telephone number visit www.eldercare.gov.
3. Call or visit your local pharmacy/pharmacist. Many are assisting with Part D.
4. Contact your employer or membership association to determine if they are sponsoring a Part D plan.

For additional information about Part D-related issues, including key dates, related articles, and government resources, read more in the AICPA Insurance Programs Medicare Part D Resource Center.

The Medicare Supplement Insurance Plan is available to both AICPA members and their spouses who are at least 65 years of age. Now, with the AICPA Parents Plan, you have the opportunity to extend coverage to the eligible parents of you and your spouse.

This information has been contributed by Insight, a quarterly AICPA Medicare Supplement Insurance Program publication, February 2006 Issue, version F7801.