Save Money on Medicare Drug Plans by Shopping Around – Open Enrollment Starts This Friday

by PharmacyChecker.com | Oct 10, 2011 | Drug Prices, Medicare Drug Plans

An article published last week in Reuters suggests that Medicare Part D drug plans may be dropping premium prices – an effect of the healthcare reform law which could greatly benefit seniors if they shop around. Reevaluating your Medicare drug plan yearly during the open enrollment period is always a good idea, but this year plan selection could make a big difference.

Although we reported in August that plan premiums will not raise in 2012, Avalere Health, a health policy consulting firm, finds that while 10 of the top Part D plans will lower prices, six plans will raise premiums. However, the good news is that in the larger picture Avalere “projects that average premiums for both prescription drug and Advantage plans will fall 4 percent for 2012.” Because of the 2010 heath reform law, Dan Mendelson, Avalere Health’s CEO, is calling this a “year of change.” He tells Reuters, “It’s a year where patients really need to shop.”

MedicareDrugPlans.com provides ratings and reviews – along with basic plan information such as deductibles and premiums– for consumers to access during their research period. Ratings and comments help Medicare enrollees understand the pros and cons of a plan, and user comments and forum posts give details on what other Americans experienced with their plans.

Open enrollment will be from October 15^th – December 7^th this year, a change from previous years meant to give Medicare enough time to process all changes and new enrollees, and for consumers to manage their health needs before the busy holiday season.