As of this writing, Congress may or may not pass a health care bill, which may or may not include changes for Medicare "Part D" prescription plans. Nevertheless, open enrollment for Medicare prescription drug coverage (November 15 – December 31) is already here. Medicare enrollees will have to renew their coverage or find a new plan by year-end, unless Congress changes the rules for the current year.
Considering this year’s uncertainties, Medicare enrollees may want to wait until December before making a final decision. Nevertheless, this is a good time to start doing homework. For instance, if a prescription drug plan has chosen not to renew its contract with the Centers for Medicare and Medicaid Services, seniors with that plan may be forced to choose a new option.
According to the National Association of Insurance Commissioners, the factors that might influence your choice include:
* Are all of your prescriptions are on the plan’s list of drugs ("formulary")?
* Is your preferred pharmacy on the plan’s list?
* What co-payments will you be responsible for paying when filling a prescription?
* What are the premiums, deductibles and cost-sharing requirements for the plan?
* Is there is a coverage gap where you are responsible for all of the costs?
