Interest wanes in second year of Medicare Part D

In its first year, Part D met with high levels of response nationwide, and Greene County was no exception. The county saw 87 percent of its nearly 39,000 Medicare beneficiaries sign up for prescription coverage, according to the Centers for Medicare & Medicaid Services.

Medicare Part D’s open enrollment period for 2007 began Nov. 15 and ends Dec. 31, but fewer people are looking into their plans in Part D’s second year.

“There are fewer people asking and looking into changing plans than really we would like to see,” said Matt Heger, spokesman for Community Leaders Assisting the Insured of Missouri, a program of the Missouri Department of Insurance, Financial Institutions & Professional Registration run by a private company. CLAIM operates a toll-free hotline at (800) 390-3330, offering guidance on the Part D program. “We think most people need to do the research, and most people obviously aren’t,” Heger said.

While an exact number of calls received by the hotline so far this year wasn’t available, CLAIM Lead Trainer Tracey Borgmeyer said the decrease implies that most people are staying with their current plan and not comparison shopping – a move that Borgmeyer said could be a mistake.

“On the comparisons that we have run, frequently we find another plan that will offer them lower rates or better coverage for a similar price,” she added.

New choices

Comparison shopping is especially important this year, as there are now 53 plans to choose from in Missouri, compared to the 42 available last year. CMS also estimates that 83 percent of Part D enrollees nationally with stand-alone prescription plans will have access to plans that cost less than their current coverage.

Even those who are happy with their current Part D plans should take a minute to examine the possibilities, according to CMS Kansas City Public Affairs Specialist Julie Brookhart.

“At enrollment events … we’ve seen many times where people come in and are happy with the plan that they’re in now,” she said, “but the majority that come out to these events switch to a different plan for 2007, based on the savings.”

When looking at a possible change in coverage, CLAIM’s Heger said people should have a list of their prescriptions, to make sure the plan they choose is appropriate for them. Even people who don’t think they need the program should look into it, he said.

“We think that everybody should research the program and see how it would affect them, even if they’re not taking any medication now,” Heger said. “It’s an insurance policy, and you don’t buy flood insurance the day the flood comes.”

Cheap drugs

While Medicare is offering plans for cheaper prescription drugs, several national and regional pharmacy chains are offering inexpensive generic prescriptions for all customers.

On Oct. 26, Wal-Mart launched its $4 generic prescription drug program in its 130 Missouri locations. The program, which includes a list of 314 generic prescriptions in 30-day dosages, was launched in the Show-Me State following its success in 15 other states.

RPCS Inc., the parent company of Ramey, Price Cutter, Price Cutter Plus and Smitty’s grocery stores, launched a similar program Nov. 24, offering $3 generic drugs in its 19 pharmacies within Ramey, Price Cutter, Price Cutter Plus and Smitty’s grocery stores.

What is Part D?

The Part D prescription program is Medicare’s stand-alone prescription discount program. Anyone eligible for Medicare can sign up for Part D, which offers a variety of different drug plans administered by different insurance companies. Prices vary based on the company, the number of different medications covered and the cost of those medications. For more information on the program, including how to sign up or change plans, call (800) MEDICARE or visit www.medicare.gov.

Weiss Ratings offers Part D coverage tips

With 2007 enrollment for Medicare Part D coverage open until Dec. 31, it is time for eligible individuals to examine their options. In Missouri, that means choosing from among 53 Part D plans.

To make the review and selection process easier, Weiss Ratings Inc., an independent provider of ratings and analyses of financial services companies, mutual funds and stocks, is providing tips in its Medicare Prescription Drug Planner, which is available free at www.weissratings.com/pddplan_intro.asp.

The guide outlines available options, instructions for calculating and comparing annual plan costs, and steps seniors should take to choose the best plans for their individual circumstances.

Among the steps recommended in the guide:

1. Review existing coverage. The goal is to have a complete health benefit package, including prescription drug coverage. Enrollees need to understand current coverage, including its cost.

2. Evaluate several Part D plans. Weiss recommends looking at between five and seven plans. Limiting the number to evaluate keeps the task manageable. Additional plans can be evaluated if none of the group meet needs and requirements.

3. Consider a Medicare advantage plan. These plans offer one package for a single premium, so they are worth considering. Be sure to review all the benefits, including prescription drug coverage and provider accessibility, before making a choice.

4. Complete the Medicare Prescription Drug Planner worksheet, which can be used to review and compare prescription drug coverage options.