Medicare Beneficiaries: Drug Plan Comparison Can Save You Money in 2008`

Why is that important? According to Mary Ann Holland, University of Nebraska-Lincoln Extension Educator and trained SHIIP Volunteer, “each year Medicare beneficiaries have the opportunity to compare all available drug plans to their current insurance provider. Plan comparison is the only way a beneficiary will know whether or not their current plan is the best one for them for next year. For beneficiaries who have not yet enrolled, the open enrollment period is when you sign up.”

By now insurance plans have mailed enrollees the Annual Notice of Change which outlines what coverage the plan will have in 2008. For Nebraskans, there are 52 stand alone drug plans available for 2008; 17 of those plans are national plans which means you could travel or stay anywhere in the U.S. and be covered.

There are essentially two types of plans, the standard or basic plan, which meets Medicare’s basic requirements to be deemed Medicare-approved. Most standard plans have a deductible amount; the maximum deductible for 2008 is $275.

Enhanced plans are the second type of PDP [prescription drug plan]; these plans have a $0 deductible, and a different structure which pays for the cost of medications. There are 30 enhanced plans available to Nebraskans in 2008. Monthly premium rates for all plans range from $13.90 to $99.

Certain prescription drug plans provide coverage for generic medications in the Gap; in 2008 none provide coverage for “all formulary drugs”. Once the total cost of medications—the portion paid by the insured and the portion paid by the insurance plan—have reached a total of $2,510, the beneficiary enters the coverage gap, or “doughnut hole”. The beneficiary must then pay out-of-pocket costs totaling $4,050 before the drug plan comes back to pay 95% of the cost of medications; known as catastrophic coverage.

“Finding the right drug plan depends upon the medications each individual takes; 74% of people with Medicare could switch to a PDP with a lower premium in 2008. There are important changes for 2008. Doing an on-line drug plan comparison is the only way to determine if a better plan for 2008 is available for you,” said Holland.

Ms. Holland will be holding drug plan comparison events in a number of communities during the Open Enrollment period. Listed below are dates and locations she will be available to assist Medicare beneficiaries in doing a plan comparison. “Bring along your Medicare card and a printed list of your medications; your pharmacist can provide a list for you. Knowing the exact name of the medication and dosage is important. I can’t think of anyone that doesn’t want to save money.”

Drug plan comparison events will be held in November at the following locations:

Syracuse Public Library Friday, Nov. 16, 9:00 a.m. – 3:00 p.m. Call 267-2205 to sign up for an appointment

Plattsmouth Public Library Monday, Nov. 19, 1:00 p.m. – 6:00 p.m. Walk-ins welcome or call 267-2205 for an appointment

First National Bank, Sterling Tuesday, Nov. 20, 9:00 a.m. – 3:00 p.m. Call Sterling Senior Center, 866-2050 for an appointment

Auburn Public Library Monday, Nov. 26, 10:00 a.m. – 3:00 pm Call Nemaha County Extension, 274-4755 for an appointment

Cass County Extension Tuesday, Nov. 27, 9:00 a.m. – 4:00 p.m. Walk-ins welcome or call 267-2205 for an appointment

Tecumseh Public Library Wednesday, Nov. 28, 9:00 a.m. – 3:00 p.m. Call Johnson County Extension, 335-3669 for an appointment

Pawnee County Courthouse Friday, Nov. 30, 9:00 a.m. – 4:30 p.m. Call Pawnee County Extension, 852-2970 for an appointment

Drug plan comparison events will be held in December at the following locations:

Palmyra Senior Center Monday, Dec. 3, 10:00 a.m. – 2:00 pm Call the Palmyra Senior Center, 780-5606 for an appointment

Auburn Public Library Tuesday, Dec. 4, 10:00 a.m. – 3:00 pm Call Nemaha County Extension, 274-4755 for an appointment

Tecumseh Public Library Friday, Dec. 7, Noon – 5:00 p.m. Call Johnson County Extension, 335-3669 for an appointment

Syracuse Public Library Monday, Dec. 10, 9:00 a.m. – 3:00 p.m. Call 267-2205 to sign up for an appointment.

Plattsmouth Public Library Wednesday, Dec. 12, 9:00 a.m. – 3:00 p.m. Walk-ins welcome or call 267-2205 for an appointment

Pawnee City Courthouse Thursday, Dec. 13, 9:00 a.m.- 4:30 p.m. Call Pawnee County Extension, 852-2970 for an appointment

Cass County Extension Monday – Wednesday, Dec. 17, 18, 19, From 9:00 a.m. – 4:00 p.m. Walk-ins welcome or call 267-2205 for an appointment

Mary Ann Holland can be reached at the Cass County Extension office at 267-2205.