If you enrolled in a Part D drug plan, chances are you’re paying more for your coverage than you need to.  A recent report from the Medicare Payment Advisory Commission said that only 19% of beneficiaries used the Medicare Drug Plan Finder web site as a resource to select their drug plan.  Take it from me -using this government data – base to select a drug plan can save you hundreds, if not thousands, of dollars.  Getting the unbiased help of a Medicare benefits counselor through your local Agency on Aging can save you even more.

Marion H. and his wife, for example, had no drug insurance prior to enrolling in Medicare Part D.  By using the Medicare Drug Plan Finder we found coverage that reduced their total drug costs from $5,250 per year to $3,016.  That even included the cost of new monthly premiums.

The Medicare Drug Plan Finder also prevented Marion from making a costly enrollment mistake.  Marion was considering a drug plan offered through his insurance agent.  But by using the Drug Plan Finder to compare the plan offered by his agent with others offered in his area, we learned there were much better choices. 

The drug plan offered through his insurance agent would have cost Marion about $896 more than the better plans we found using the Medicare Drug Plan Finder.  Marion found a plan that provided valuable coverage for the Part D "doughnut hole" or gap in coverage for his wife - coverage not available under his agent’s plan.  It’s highly doubtful that the salesman of a competing insurer would have told Marion about this.

How can you find out if you’re paying too much for your Part D plan?  Read on…

October 2006