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As Drug Prices Rise, Seniors are Advised to Review Their Medicare Prescription Coverage
Date:10/14/2010

SHELTON, Conn., Oct. 14 /PRNewswire/ -- Health Plan One, a general agent in the online health insurance market, seeks to guide seniors to choose carefully when reviewing their Plan D Drug Coverage or Medicare Advantage plans. Seniors will have only one opportunity to make changes to their Medicare plans during the Annual Enrollment Period this November 15 through December 31.

Here are four tips for seniors researching their prescription drug plan options from the experts at Medicare Solutions:

  1. A rebate check doesn't close the doughnut hole. After you pass the prescription drug dollar amount limit, you are responsible for the entire cost of your prescription drugs until you cross the coverage gap. One-time $250 rebate checks were mailed to an estimated 4 million beneficiaries this year. Seniors should be aware that in 2011, if you reach the coverage gap, you will get a 50% discount on participating brand name drugs but not a rebate check.
  2. Revisit your RX costs. Recent reports have shown prescription drug prices have risen 8% in the past year. As brand-name drugs lose patents, new, cheaper generic drugs become available, saving you money. Ask your doctor if any new generics have come to market.
  3. Check out other options. Consider a low cost Medicare Advantage plan that includes a prescription drug plan. These plans, governed by private carriers, can also include vision, hearing, and dental. 
  4. Review formulary changes. Insurance companies frequently change their drug plan formularies and thus the rate you pay for your prescriptions. Check your drugs to see if they have been affected by formulary changes.

ABOUT HealthPlanOneSeniors needing help with their Medicare coverage may find a more affordable option by using MedicareSolutions.com or by speaking with our knowledgeable licensed agents. Medicare experts are available Monday through Friday, 8:00 a.m. to 8:00 p.m. Eastern Time, to answer questions and to assist users.  (800) 328-7305Contact:Karin Holmgren(203) 402-2503kholmgren@healthplanone.com
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SOURCE HealthPlanOne
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