California Health Insurance News 
Articles / November 15th is opening of enrollment day for Medicare Plan D
11/16/2005
Medicare beneficiaries face a confusing array of choices as enrollment for Medicare
Part D begins this week. Scores of private insurers in every region of America are competing for their business with a wide variety of price tags. Differences range from the cost of co-pays, to the price of deductibles and premiums. Each plan has its own list of drugs that it covers (known as a formulary) and its own list of pharmacies where members are allowed to get their prescriptions filled.
Not everyone will benefit from joining one of the plans. Many seniors already have decent drug insurance that they can retain. However about one in every three people on Medicare will qualify for assistance, which means that the government will pay almost all of their drug costs. For those individuals who have gone without needed medication, or spent many hundreds of hard earned dollars a month managing their chronic illnesses, the program could be a huge benefit.
What seniors need to focus on now is what to do with their existing Medicare policy or existing HMO policy. The first step would be to check ones’ current drug coverage. Your insurer should have sent you a letter informing you whether your plan is creditable which means that it meets Medicare's minimum requirements. If the answer is a "yes", keep that letter with a statement that you chose to continue your coverage.
Between now and May 15th, 2006 seniors have a reasonable time to check their situation with their insurer who is in a position to give them advice on most of the confusing variations of Medicare Plan D and it would be advisable to spend some time between now and the end of the year in consulting with them to see which is the best option. Remember that after May 15th enrollment gets more and more expensive, escalating at 1% per month.
"Deciding whether you need to enroll in Medicare Part D and if so, with which company must be very confusing", said David Thau, Founder of Keep It Simple Insurance Inc.
"As an independent broker, I am in the fortunate position to be able to advise clients on which plan suits their circumstances best by eliminating those that do not give them the most benefits".
