With Medicare enrollment now open, seniors across the country have an opportunity to select the Part D prescription drug plan that best suits their needs and budgets – and that may mean making a change from the previous year.
However, a recently issued Kaiser Family Foundation report indicates that on average, only 30 percent of Medicare Part D enrollees choose to switch plans during the annual enrollment period. The same study showed that the average premium is expected to increase by five percent across all prescription drug plans from 2013 to 2014, unless enrollees select lower-priced plans.
With a number of changes to Medicare prescription drug plans in 2014, and with 13 percent more stand-alone plan options available than last year, understanding the plans and shopping around for the right one might be warranted and might mean decreased costs for some Medicare Part D enrollees. Premiums and out-of-pocket expenses aside, exploring different plans might also lead to increased convenience and quality in coverage.