How to Find a Better Medicare Prescription Drug PlanWATCH SEGMENT ON KFOR-TV Cost increases and coverage changes are an annual event for many Medicare Part D prescription drug plans. Fortunately, during the open enrollment period (which is Oct. 15 – Dec. 7), you have the ability to shop and compare plans and choose one that better fits your needs and budget. Your new plan will go into effect Jan.1, 2016. Here are some tips that can help with this process. Shop Online Just go to Medicare’s Plan Finder Tool at medicare.gov/find-a-plan, and type in your ZIP code or your personal information, enter in how you currently receive your Medicare coverage, select the drugs you take and their dosages, and choose the pharmacies you use. You’ll get a cost comparison breakdown for every plan available in your area so you can compare it to your current plan. This tool also provides a five-star rating system thait evaluates each plan based on past customer service records, and suggests generics or older brand name drugs that can reduce your costs. It’s also important to keep in mind that when you’re comparing drug plans don’t judge a plan strictly by its monthly premium cost. Low-premium plans are often associated with higher prescription co-payments and may end up being more expensive. Look at the “estimated annual drug costs” that shows how much you can expect to pay over a year in total out-of-pocket costs – including premiums, deductibles and co-pays. Also, be sure the plan you’re considering covers all of the drugs you take with no restrictions. Most drug plans today place the drugs they cover into price tiers. A drug placed in a higher tier may require you to get prior authorization or try another medication first before you can use it. Need Help? Another good resource that can help you choose a new plan is the Oklahoma Senior Health Insurance Counseling Program (800-763-2828, map.oid.ok.gov), which provides free one-on-one Medicare counseling over the phone. Shrinking Donut Hole The 2016 coverage gap begins when your total drug cost exceeds $3,310 (that includes your share and the insurer’s share of the costs) and ends when your total out-of-pocket costs reach $4,850. After that, your Part D plan usually covers around 95 percent of your remaining drug costs for the year. Low-Income Assistance |