Lending Club Blog

Shopping Around for Medicare Prescription Drug Plan Coverage

It isn’t only employees who should shop around for better prices and benefits coverage before the end of the year. Elderly and disabled Medicare beneficiaries who evaluate different prescription drug plan providers also stand to get better coverage for lower prices, or at least a lower increase in the prices they pay.

The Associated Press reported that among the top 10 drug plans (based on enrollment), the average monthly premium in 2009 will increase anywhere from 8 percent to 64 percent. Cost increases are cited to be due to higher demand, increased drug costs, and the fact that plan providers who previously undercharged will be adjusting prices accordingly. Even with rising costs, the most popular plans were reported to be cutting the number of covered prescriptions by about 9%.

It’s easy to choose a plan and stick with it, but the effort to find a more appropriate provider may be worth the effort. The prescription drugs that you are taking as well as those covered by plans may change on at least a yearly basis. Sticking with a plan because it covers a medication you used when you originally chose a plan may no longer make sense.

Manual spending decisions are often made with more consideration than automated ones. Assuming that the Medicare Prescription Drug Plan you used last year will continue to be the best option for your money (and your health) is a risky proposition. As with all benefits, a careful review during the selection period will allow you to make the best choice. Changes to your Medicare Prescription Drug Plan provider for 2009 can be made through December 31, 2008.

Have you reviewed your coverage this year?

Tuesday, December 30th, 2008 at 9:04 am

Comments (1)

  1. Carol Powell:

    My Mother-In-Law is trying to find a company who offers a
    prescrition drug supplement plan that she can switch to because the
    one she has now has gone way up.

    January 10th, 2009 at 12:42 pm


Welcome Home

Lending Club named #5 on Forbes’ Most Promising Companies List

Get ready for tax season with Lending Club’s Tax Form Guide

New Adjusted Return Metric

See more
Lending Club Awards
  • Archives z

Recent Posts

We’ve acquired a company!

Today we’re excited to share the news that we… Read More »
April 17, 2014

Lending Club customer information safe from Heartbleed Bug

You may be hearing about… Read More »
April 11, 2014

New: Loan Origination Data Update

An update for users of our platform statistics and… Read More »
April 3, 2014

Lending Club Launches Business Loans

Today, Lending Club announced the launch of business loans… Read More »
March 20, 2014

Lending Club Extends Privacy Protections for Borrowers

At Lending Club we pride… Read More »
March 19, 2014

How to Protect Yourself from Online Scams and Swindles

It is more important than… Read More »
February 11, 2014

New Statistics Charts to Help Investors Understand Returns

At Lending Club, we believe… Read More »
February 6, 2014

Welcome Home

I became a U.S. citizen earlier this month. When… Read More »
January 27, 2014

Lending Club named #5 on Forbes’ Most Promising Companies List

Lending Club has won the… Read More »
January 24, 2014

Get ready for tax season with Lending Club’s Tax Form Guide

Tax season is coming. To… Read More »
January 13, 2014