How to evaluate Medicare drug plan option

Medicare beneficiaries should evaluate different prescription drug plans during open enrollment every year, said Jack Hoadley, a researcher and professor at the Georgetown Health Policy Institute. "It's particularly useful this year because of the availability of plans that are new this year or new in the last couple of years that are less expensive than plans that have been around longer," Hoadley said.

Open enrollment runs from Oct. 15 to Dec. 7. Here are some tips to consider when picking a Medicare prescription drug plan:

Use Medicare.gov -- the website allows beneficiaries to input the medication they use and suggests the best plans to pick.

For those without Internet access, call the State Health Insurance Assistance Program at 1-800-701-0501. The SHIP program is offered in every state and provides counseling for Medicare recipients.

The best plan depends on which drugs the beneficiaries are taking -- it is not always the plan with the lowest premium.

Consider the non-monetary costs of switching. Changing plans to save $1 may not be worth it if recipients have to deal with the hassle of working with a new insurance company.