If you elect to accept Medicare Part D you have to find an insurance carrier to provide you with prescription drug coverage.  In addition to private insurance companies you can also find coverage through government insurance plans called Medicare Advantage.  There are pros and cons of using either.  This year it is being reported the larger private insurance companies plan to raise their rates, perhaps by as much as 30-60%; their deductibles and co-payments.  In choosing a plan it is important to insure the drugs you want to take are covered by the plan.  Most plans cover generic and some brand name drugs.  If you really need a specific drug you must insure the plan you choose covers the particular drug.  All plans do not cover all drugs.  This means it may be more important than ever to do some comparison shopping.

There is a plethora of information regarding Medicare Part D and the prescription drug plan options at the Health and Human Services Medicare site which you can find here.  If you want help finding a plan Medicare also has a webpage which will help  you find a plan.  To see the Plan Finder webpage go here.  Sorting out the options is a daunting task but certainly an interesting process. Having done it myself I must admit it is a bit confusing, but in the long run helpful.

Although the premiums on Medicare plans may be going up apparently coverage can still be found.  In 2009, you and your insuror need to cover the first $2,700 of drug coverage.  After the first $2,700 is paid in drug costs there can be a gap in the coverage (sometimes referred to as the donut hole) which will require you pay most of the cost of drugs up to $4,350 for 2009.  It may be possible to find a policy which will cover this gap in coverage as well, if this is the situation in which you find yourself. I found it somewhat difficult to find coverage for the donut hole and will have to hunt harder for exactly what it is I would need.

Where do you start?  I suggest getting out the pencil, calculator and crystal ball to determine what you anticipate your prescription drugs might cost.  For example, if you have had heart bypass surgery and are taking all of the prescribed drugs to treat your disease you might be spending $4,000-$5,000 annually for these medications.  Ouch.  You must then look at the plan options to see how best to cover this cost, taking into account the cost of the insurance premiums for your plan.  A daunting task, but potentially rewarding if you do a little shopping.  Adding more confusion is finding the drugs which you prescribe to on the approved list to insure the insurance plan will cover them.

The important thing to remember is you have to make changes during the November 15, 2008 to December 31, 2008 time period. Yes, it is right during the holiday season which makes the decision making process more cumbersome and stressful.  The sooner you get on with the review after November 15 the sooner you can get on to the holidays and time with family and friends knowing you have the annual Medicare review behind you.