“Medicare D – What Your Aging Parent Should Do (Before Dec 31)

I posted this article in my November 15th ezine.  But, just in case you’re not a subscriber to my list yet, here is very important information.  Time is running out for the annual Medicare Open Enrollment period.  It ends December 31 for 2010 plan coverage.  Take a few minutes now to read my tips below to achieve possible cost savings for your parent.  My mother and I reviewed her current plan and found a comparable plan that is going to save her $500 over the coming year.

For those on Medicare, Open Enrollment period for 2010 begins November 15^th and extends through December 31^st.  Be sure to check out the newly modified MyMedicare.gov site.  Let me give you a quick overview of two key features.

I especially like one new feature that gives you the ability to create and print a personal “On the Go” report, listing information your parent can share with health care providers (including emergency info, eligibility dates for preventive services, drugs, favorite providers, pharmacies and plans).  I like this new report for 2 reasons:  I noticed there are 2 preventive services my mother has not yet had, and this “report” is a great item for her to post on her frig (in case of emergency) and for me to have in my possession.

The most important tool to utilize this year is the tool to compare the standalone Medicare prescription plans (PDP).  Recognize that changes for 2010 vary by plan.  The Health Policy Institute at Georgetown University reports, “Among the five most popular plans, the premium for one is up by 22 percent for 2010, while the premium for another is down 3 percent.”  Paul Precht, director of policy for the Medicare Rights Center, advises to look beyond the premium, and consider what’s covered, expenses for the year and whether your drugs are still covered.

Understand that it is essential to compare plans and costs due to all the changes for 2010.  Here are my suggested steps for you at http://mymedicare.gov/

• Obtain a logon and password at the site
• Your parent’s current plan information will display
• Select the option to “Find and Compare Drug Plans”
• Follow the steps required.  Enter Medicare Insurance info, select County, and either enter the Drug List ID (from previous entry) or enter drugs to create such a list.  (NOTE:  Save this Drug List ID somewhere so you can retrieve it in future years.  I was very glad I had printed it off last year.)
• You will then be presented with the option of selecting 3 other plans in your area and creating a comparison with your parent’s current plan.  There are various sort options for your report.  I sorted by “estimated annual costs”.
• Print out the comparison to share with your parent.

If you’ve not done this process before online, it is rather tedious to enter all the info, but it is well worth the effort in cost savings for your parent.

I read somewhere that only 7% of all those enrolled in Medicare D plans switch plans.  I have heard first-hand from other senior friends that all the Medicare choices are just too confusing.  But, I encourage you to pursue the comparison.  Ask an adult child, friend or even your local pharmacy to help you.

http://www.mymedicare.gov/

Tagged as: Aging Parent, Caregiver, Caregiving, Eldercare, Elderly, Finances, Medicare