Watch Out for Steep Medicare Part D Premium Hikes!
On Christmas Eve, I opened my monthly statement from my insurer for Medicare Part D coverage and received a shock. The premium had jumped from $37.50 per month to $63.26. Good grief, that’s a 59% increase!
As those of us who are eligible should know by now, Medicare Part D is the convoluted prescription drug benefit derived from the Medicare Modernization Act of 2003. It provides all beneficiaries with the option to add prescription drug insurance coverage. A premium is charged for Part D in the same way there is a premium for Part B benefits.
I called the company thinking there must have been some mistake, but uh uh, I was reading it correctly.
I then went online, and in a brief search could not find any other company that was charging anything near $63.26/mo. for the coverage I had. I decided to call my insurance agent, and am happy to say that she was able to place me with another insurer. The premium there is $23.00 per month. Whew!
The moral of the story is that if you’ve seen a similar hike in your Medicare Part D premium, you’d better get cracking and find another, less costly policy. They’re out there.
Tags: insurance coverage, medicare, medicare part d
I can’t say I have much sympathy for you, Robert. Have you been living in a cave for the last couple of years? It is obvious you a) have a computer with access to the Internet and b) you didn’t visit medicare.gov to find the best part D plan for you. Had you been paying attention and done your shopping using the Plan Finder on the medicare site as early as late October you would have been able to take your time and find the best plan for you. Be sure you put a big note somewhere on your refrigerator to remind you to start shopping for a new plan in late October 2008 to avoid this situation again. I think you were very lucky. I hope your enrollmen t was made in timemso you will start receiving your drugs with the new plan in January and not have to wait until February.
Well, I really don’t think about this very often, since my health is such that I’m not using any prescription medications. FYI, I did make the switch in time and will stay more alert to it in the future. Medicare Part D is a dog’s breakfast to begin with. Not many people really understand it fully.
I thought about deleting your comment because of it’s rather nasty tone. May I suggest that you try being diplomatic in the future?