Good topic, Bruce. Selecting a Part D drug plan is certainly not a straightforward process. I'll be interested in hearing how other have handled the decision making process.
I ended up with the Humana Standard plan. It is their lowest monthly premium plan, it meets the basic Medicare Part D requirements, it meets my current drug needs, and it has the following drug cost stages.
Stage 1: from $0 to $250 ... I pay 100%
Stage 2: from $251 to $2,250 ... I pay 25%
Stage 3: over $2,250 ... I pay 100%
Stage 4: over $3,600 ... I pay 5%
My decision process was something like this. I first went to the Medicare site Quicken Bruce mentioned ... http://www.medicare.gov/ . Using the Part D section, I entered my drug formulary (my actual drug needs) and ended up with a list of plans available in my area with a percentage indication for how completely the formulary was covered by the plan.
I took the top listed plans (as a percent of formulary covered) and went to their individual Web sites to find a participating pharmacy list for my area. This narrowed the available plans a bit.
I took the top three or four plans and drilled down in their individual Web sites to find the actual projected out of pocket cost (premium and drug) for each plan. For example, the Humana site has the ability to provide a month by month out of pocket for any specific formulary in their three available plans.
In the end, I actually made a little Microsoft Excel spreadsheet comparing the bottom line for the three or four plans most available in my area and made a choice.
I won't say that I taped the spreadsheet to a wall and threw a dart to make the choice ... but it sort of felt that way. I'm very concerned about the complexity of this decision making process for Seniors without the computer resources to to an exhaustive search.
In our area we're fortunate to have a number of groups assisting at senior centers, AARP meetings, hospital sponsored seminars, etc. But the process is daunting.
I'll be interested in other stories ... or would be happy to explain any part of my personal quest in a little more detail. In any event, the bottom line for me ... at least right now ... is a significant savings in both premium and drug cost compared to a previous drug plan that was included as part of a Medicare Supplemental (Medigap) policy. :-)
Anyone out there dealing with Medicare Part D drug coverage?
As I indicated in my previous post, I am using the Humana Standard Plan. In today's mail, I received their "SmartSummary Rx" report. This is a quarterly report covering all prescription activity for January, February, and March.
This is excellent information including average prescription cost per month, cumulative costs for the year, and amount left before reaching the next stage. See the previous post for the stage information.
Report details include each purchase with headings for the average retail price, prescription plan cost, what I paid, and what the plan paid. There is also a pie chart section with a discussion of the likelihood of reaching the next stage based on the current purchase trend.
This is not a commercial for Humana, since I'm sure other plans have similar reports. However, it indicates to me that Part D is working fine ... after the complexity of finding the right plan is behind you.
I'd be interested in comments from others using Part D. :8}
In March of 06 thought I was OK with Humana mid-level (S5552-001 here in NY-$9.71 per month) until I ran the numbers for all current RXs and found that the cost of eyedrops that I paid $81.99 at a local drug store in Jan. 06 would cost $446.26 in the 3rd month of the program, climb to $633.07 in the 7th month and then drop to $37.13 in the 8th & 9th month. What for...better packaging, collectible dispenser? What doughnut hole, it's a depth charge!
Total RXs cost with premiums for 2006=$4802.24.
Running the numbers under the highest priced plan(S5552-002-@47.93 mo.)resulted in paying $60.00 per month for the eyedrops every month.
Total RXs cost with premiums for 2006=$2120.80.
Not believing this was possible, I called Humana and they confirmed this was fact. Twice.
Yep, Bruce ... you're absolutely correct. Unless there is an extension (and I haven't heard about one) May 15 is the last day to sign up for Part D drug coverage or to change an existing plan.
The next sign-up or plan change period begins November 15 to be effective January 1, 2007.
"The Centers for Medicare & Medicaid Services has extended the enrollment period for Medicare prescription drug coverage for individuals affected by Hurricane Katrina. If you are Medicare-eligible and resided in a hurricane designated area in August 2005, you have through December 31, 2006, to enroll or switch plans or both."
I think this extension would relate to parts of Louisiana, Mississippi, and Alabama. If you are in this area and have not enrolled, it's a nice extension. If you have enrolled and discover you are in the wrong plan (and need more coverage, for example) it's a great opportunity to switch before the coverage gap (a.k.a. donut hole) bites you. ;-)
