Seniors Should Choose a Prescription Drug Plan to Avoid Premium Penalty Advises Weiss Ratings;...

JUPITER, Fla. -- As the May 15 enrollment date for the Medicare prescription drug plan benefit nears, seniors are urged to select a plan to avoid a premium penalty for not signing up, according to Weiss Ratings, Inc., the nation's leading independent provider of ratings and analyses of financial

"Even if seniors aren't currently taking prescription medications, selecting a plan is protection from higher future drug costs, and it's critical to enroll before the deadline to avoid a penalty if they don't have equivalent coverage elsewhere," said Donna O'Rourke, senior health analyst for Weiss Ratings, Inc. "Medicare beneficiaries will have the opportunity to change plans each year, so enrolling now keeps their options open and should not be fraught with anxiety."

To help the millions of seniors who have yet to select a prescription drug plan, Weiss Ratings suggests the following steps:

1. Review your current coverage.
        Your goal is to have a complete health benefit package,
        including prescription drug coverage. Before you do anything,
        understand what you currently have and what it costs you,
        including any costs associated with a supplemental plan.

    2. Find the cost of a Medicare Part D Plan.
        Gather critical information about your prescribed medications
        and preferred pharmacies.

        Identify the stand-alone prescription drug plans in your area.
        You can use the Medicare website (www.medicare.gov), call a
        Medicare representative, or gather information about the plans
        yourself.

        Narrow your list to a handful of plans that cover the majority
        of your prescriptions and contract with your preferred
        pharmacies.

    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. Compare your Choices.
        Evaluate the total annual cost of the prescription drug plans
        that you are considering. Consider the premiums charged plus
        your estimated out-of-pocket costs including deductibles,
        co-payments and coverage gaps.

    5. Narrow your Options.
        Review your options and choose a plan after considering
        completeness of coverage, out-of-pocket costs, accessibility,
        and insurer financial stability. Remember, you aren't locked
        into your first choice. You can switch plans next year and
        each year thereafter.

To help seniors understand the basics of the new benefit, Weiss created a Medicare Prescription Drug Primer, which can be downloaded for free at http://www.weissratings.com/PDDPLAN_intro.asp.

To guide seniors through the process of selecting a Medicare prescription drug plan, Weiss Ratings offers a Consumer Guide to Medicare Prescription Drug Coverage ($49 plus shipping and handling) at www.WeissRatings.com. This new report, which includes an easy-to-use Medicare Prescription Drug Planner and Worksheet as well as Weiss Safety Ratings on Medicare-approved prescription drug plan providers, helps seniors understand the new prescription drug coverage benefit by answering these questions:

--What is Medicare prescription drug coverage?

--What options do I have?

--How do I choose a prescription drug plan?

--What happens once I enroll?

Weiss Ratings, Inc. provides financial safety ratings on more than 15,000 financial institutions, including banks and insurance companies. Weiss also issues investment ratings on more than 7,000 stocks and 12,000 mutual funds, covering equity, fixed-income, and closed-end funds. It is the only major rating agency that receives no direct or indirect compensation from the companies it rates. Ratings and analyses are available through www.weissratings.com or by calling 800-289-9222.