Picking a plan is complex process, with considerations including monthly premiums, brand and generic copayments, and protecting against falling in to the dreaded coverage gap, otherwise known as the doughnut hole.   In 2007, 25% of people enrolled in Medicare Part-D plans fell into the doughnut hole and were responsible for 100% of the money for their prescription drugs out of pocket.  This amount in 2010 could be as much as $4,550!  Coupled with this are insurance ads and sales pitches from brokers that can further cloud the picture.  Instead, try using the Medicare Part D Plan Finder.  Or, you can call 1-800-633-4227 for assistance over the telephone.  These non-biased government resources give you the best chance to pick a plan that fits your needs, and keeps you from being sold something you don’t need. 

A few things to remember for picking your prescription drug plan:

1.   Use non-biased tools and resources to help pick your prescription plan and lower your out of pocket spending.  This can include government resources as well as third party resources who don’t have a vested interest in your choices, like Rx Savings Solutions.
2.  $4,550 is the amount you could be responsible for out of pocket if you hit the coverage gap or doughnut hole.  This happens after the $2,830 of initial coverage shared between you and your prescription drug plan is exhausted.
3.  Avoiding the doughnut hole by lowering your prescription costs at the begining of the year is a good way to start.  Talk with your doctor about using our prescription drug list for cost savings on some of your brand name medications.  Or, employ the Rx Savings Solutions team to make the suggestions for you, and find you the lowest prices on all of your prescription medications!

Remember to take some extra time to do the research and choose wisely now!  You’ll be happy you did!