19 Dec

Medicare Part D

December 19, 2007

There are only a few more weeks left in 2007 – Yikes!  If you are currently enrolled in edicare Part D you have until December 31st to review your current plan and possibly change to a new plan.  This annual review is critical!Unfortunately, there are major changes in the Medicare drug plans for 2008, including some significant movements in premiums as well as major changes to the structure of the drug formularies.  According to Avalere Health, the Centers for Medicare & Medicaid Services decided to drop more than 1500 drug codes from last year’s list of formulary-approval drugs.  So, for example AARP’s top plan (AARP Medicare Rx Preferred) is reducing its drug formulary by 30.2%.  Obviously this reduction in drug coverage could have a significant impact on your total out of pocket costs for 2008.

In addition to AARP, two of Humana’s top plans are also reducing the number of drugs on their formularies for 2008 by over 30%.  We would like to think that once we get our loved one signed up for this program we won’t have to worry about its fair and adequate coverage in the future – but this is not the case. Many local senior centers will assist with the annual enrollment and review.  Access to the Medicare website is available at www.medicare.gov or if you are patient, you can call 1-800-633-4227.  For other important issues facing seniors, I would encourage you to visit www.seniorjournal.com – this website has a wealth of information for seniors including Money & Investments, Health-Fitness, Government Issues, and Enjoying Life.

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