It's not too late to choose the right Medicare Part D plan

December 31 is the last day of open enrollment season for the Medicare Part D prescription drug plan. A recent report by the Government Accounting Office said that changes in Medicare drug plans were not effectively communicated to enrollees in 2007. The report also found that among beneficiaries who submitted applications after December 15 last year, 40 percent were not completely processed until after the effective date of their new coverage in 2008, creating major challenges for beneficiaries and pharmacies.

In light of the challenges that Medicare beneficiaries once again face in choosing a prescription drug plan for 2009, Consumer Reports Best Buy Drugs is offering important tips (PDF download) for choosing plans and saving money. Medicare beneficiaries could save hundreds or even thousands of dollars each year by taking less expensive—primarily generic—medicines that have been shown to be as effective and safe as more expensive brand-name products. This strategy has the potential to keep millions of seniors every year out of the Part D coverage gap known as the “doughnut hole.”

For Medicare recipients, the Best Buy Drugs project found that those taking a combination of five commonly prescribed drugs—for high cholesterol, high blood pressure, heart disease, arthritis pain, and diabetes—could save between $4,200 and just under $6,000 a year by switching some or all of their drugs to safe, effective, and low-cost Best Buys.

Read the Best Buy Drugs analysis (PDF download) on the importance of carefully selecting a plan and take a look at our full report on Medicare Part D.