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.