Medicare's Part D program subsidizes cost of prescription drugs for Medicare beneficiaries

Medicare's Part D program, designed to subsidize the cost of prescription drugs for Medicare beneficiaries, has been the subject of much debate. Proponents have touted the plan's ability to expand access to prescription drugs to seniors; critics have long questioned its design and user-friendly appeal.

Now, a recent report published by the New England Journal of Medicine indicates that, overall, Medicare Part D is producing favorable results. In fact, by the beginning of this year, about 60 percent of Medicare beneficiaries were actively participating in a Part D plan. But, despite these findings, professionals in the health care sector cannot help but point to the large number – roughly 4.5 million – of Medicare beneficiaries who remain without much-needed drug coverage.

"While progress has been made in terms of the accessibility of prescription drugs to seniors, there are still some inherent flaws in the Medicare Part D program that are preventing older adults from signing up for a plan," said Scott Perry, president of Bankers Life and Casualty Company, a national health and life insurer. "In particular, the process of picking the best-suited and economical option remains a daunting task."

Perry suggests older adults take the following points into consideration when choosing coverage:

• Remember that you can constantly review plans and switch plans from year to year. If your prescription needs change, so may the type of coverage you need.
• If possible, sign up during your initial enrollment period, which is the three months before and the three months after the month when you turn 65, to avoid a penalty in the form of higher monthly payments.
• If you already have standalone prescription drug coverage from an employer or a union, compare your current policy with the available Medicare plans. Just remember that if you drop your current plan, you might not be able to get it back.
• Be aware that not all drugs are covered by the plans and some plans only cover certain dosages of prescriptions. Always make sure you will be compensated for your essential drugs.

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