The annual enrollment for Medicare Part D plans opened on Saturday, November 15 and runs through December 31. Almost everyone presently enrolled in a Part D plan has received notice that premiums, deductibles, and co-payments are rising, while "donut" coverage may be decreasing.

These plans are permitted to change their terms every year, while Medicare beneficiaries are restricted to making changes only during this open enrollment period. If a beneficiary does nothing, then participation in the current plan will be rolled over into next year at whatever the 2009 coverage and costs may be. This is a Medicare beneficiary's only chance to make changes for the coming year.

Comparing plan changes can be complicated and confusing. It's hard to compare one plan to another without creating a complex spread sheet, and who has the time for that? While Medicare does give good information on their website, it's difficult to compare costs between plans using their tool.

I've tried out a free tool at Medicare-Part D (a private, non-government site) that seems to be a little easier to use to compare the price structure of available plans. Their tool shows us a side-by-side comparison of 2008 and 2009 premiums, as well as any changes in co-payments / co-insurance rates.

Here's an example of the 2008 - 2009 comparison I found for one particular plan:

The "Option 1" comparison between 2008 and 2009 is very clear: The premium has increased from $12.10 to $22.40 (almost 85% if my math is right). The deductible has increased from $275 to $295 (+$20, or just shy of 7%). Member costs for Tier 1 and Tier 2 drugs have not changed appreciably, but member costs for Tier 3 drugs has changed from 25% to a flat $90, and Tier 4 costs remain unchanged.

You could make this same comparison for any Part D plan using this Part D cost comparison tool.

Keep in mind that the best premiums don't mean much if your prescriptions are not on the plan's formulary. I don't trust any third party website to be up to the minute with formularies, because they change all the time. Before you make a buy / don't buy decision, check your drugs against the actual plan's formulary. Most plans post their formularies on their websites, or you can always call and have a company representative verify your list.