It’s rare that the price of anything ever goes down, but the Medicare Part D premiums are set to drop next year. The average price of a Part D plan was $34.70 and the average price for next year is set to be around $33.50 per month. I’ve run into a few seniors who were never aware that if they didn’t get a drug plan, when they became eligible, or say they decided not to get one when they became eligible, that they will have to pay a 1% penalty for every month they didn’t have a plan. That penalty is based on the average cost of a plan which will be $33.50 a month for next year.
Many seniors justify not getting a drug plan because they’re pretty healthy, lived a good healthy lifestyle and can’t see themselves paying for something they don’t need. Unfortunately we can’t see the future and know whether next year we won’t develop a serious illness or need some sort of specialty drug for a long or short term period of time.
There are plans that are very reasonable in price, some as low as $12.50 a month, which I believe are geared for those on a low dose of meds or none at all.
The price of meds overall is going up, in fact the majority of Medicares budget is taken up by the high cost of prescription drugs, and specialty drugs being one of the main culprits for the rising costs. Part of the reason for the lower average costs is the bids from the drug companies have come in a little lower.
Check with your agent or give us a call we would be happy to review your drug costs and the type of plan you’re on. It’s still early enough to prepare for the upcoming Annual Enrollment Period.
–Dave Obregon | 888-355-1599