Seniors, don't wait until the last minute to sign up for 2009 prescription drug coverage through Medicare. Doing so could limit the time you have to wade through options and delay your enrollment, creating hassles at the pharmacy counter as 2009 begins.
"Each plan can differ on premiums, deductibles, co-pays and the drugs they cover. Take time to read through the plans and to call plan representatives for additional information," says Paul Precht, policy and communications director for the Medicare Rights Center, an advocacy group based in New York City and Washington, D.C.
Drug coverage, known as Medicare Part D, was launched in 2006 for people 65 and older with no other prescription drug insurance and for younger people receiving Social Security benefits. It offers myriad private health insurance plans from which to choose, each with different cost and drug choices.
The sign-up period for next year's coverage began Nov. 15 and ends Dec. 31. (Turning 65 in 2009? You can sign up from three months before your birthday until three months after, even if that date is after Dec. 31.)
Anyone who was covered under a Medicare Part D prescription drug plan during 2008 should have received information by mail by Oct. 31, with details on any changes to the plan, including cost increases and drugs no longer covered. Didn't get the information? Call the plan to get the scoop for 2009. Significant price increases should push beneficiaries to look for other options, Precht says.
Do nothing and you'll be automatically enrolled in the plan you had last year, if you were in a plan last year. ere are some key changes to Medicare Part D for 2009:
Expect cost increases
"Even people who [were happy with their 2008 plan] need to review their options," said Robert M. Hayes, president of the Medicare Rights Center. "They should not assume their plans will remain the same in 2009, as most plans change their costs and benefits every year." According to Avalere Health, a corporate health advisory firm based in Washington, D.C., consumers who remain in their current plan will see a 24% increase in their monthly premiums for 2009.
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