Saving Money With Medicare Part D
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| Anne Kelly |
| 11/13/2008 |
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More than 70-percent of eligible seniors in North Dakotan rely on Medicare Part D to help them pay for their prescription drugs. The program saves people hundreds to thousands of dollars. And in some cases, they could be saving even more money. There are nearly 50 Medicare Part D plans for beneficiaries to choose from and they all vary on what they will or won`t cover. Those enrolled can switch up their plans to try to save more money, but they can only do that once a year, in November and December. Odell Mildenberger`s prescription medications cost $7,000 a month. But she only pays a fraction of that cost thanks to her enrollment in Medicare Part D. "I go into the donut hole right away and then my medicine is cheap," says Mildenberger. Mildenberger hits the Medicare Part D coverage gap, pays all the out of pocket limit, and then reaches the catastrophic coverage level where nearly everything is covered for the rest of the year, all by the end of January. It`s a little confusing, but it comes down to big savings for this 77-year-old woman, who relies on her medications. "I think this is the best plan for us," she says. So Mildenberger says this November 15, when open enrollment kicks in for Medicare Part D, she won`t be seeking out a better deal among the 47 other options available to her. But Insurance Commission Adam Hamm says that shouldn`t be the case for everyone. "If you think there`s prescription drugs that aren`t being covered or that you`re paying too much, there might be a plan that`s better for you," Hamm says. "This six week period of time is your opportunity to find out if the plan your in is best meeting your needs." Hamm says because plans vary in what drugs they cover and in what the co-pays or deductibles are, a senior may hit Part D`s coverage gap sooner with one plan than with another, which is another reason those enrolled should take this time to re-evaluate their plans. Some people, like Odell, may be perfectly happy with their coverage.. "If the plan you`re in is meeting your needs, you don`t need to do anything," she says. But if you have any doubts about your Part D plan, now`s the time to look into them. Because comparing plans can be confusing the State Health Insurance Counseling Program will be traveling to ten cities across North Dakota in the next month to counsel seniors for free. To see a complete list of where the events will be held, click here: Event Schedules |
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