A recent Yahoo Finance article brought to light some unfortunate issues with the Medicare Part D prescription drug program. According to the article, the vast majority of seniors are enrolled in the wrong Part D plan: "A study conducted by Yale and MIT researchers found that a significant amount of seniors selected plans that weren’t right for them. According to the study, only 11% of patients chose the best plan in 2006; by 2009 that number had shrunk to 2%." Seniors enrolli

Rosuvastatin is the generic form of Crestor, a drug that reduces bad cholesterol. As you might imagine, it's a very popular prescription drug among seniors. In 2018, some Medicare Part D prescription drug plans completely covered Rosuvastatin, which allowed seniors to fill their prescription for free. This year, however, many of those same plans have updated their drug formularies. As a result, seniors who paid $0 to fill their Rosuvastatin prescription might end up paying $4

Good news: Carriers have released their Medicare Part D pricing for 2019 plans and the average plan premium has declined from 2018. In 2018 the average prescription drug plan premium was $33.59 per month. It'll reduce to $32.50 in 2019. The main reason for the drop in premiums is due to some new carriers entering the market with very low premiums. That said, many plans are getting increased premiums next year, so it's important to check the status of your current plan to see

Each Fall Medicare's Annual Open Enrollment begins with an onslaught of Medicare-related advertisements. TV commercials starring doctors with clipbooks, radio ads touting competitive rates, and newspaper clippings offering to find a plan that covers everything. Clearly Medicare's Annual Open Enrollment is an important time, but unfortunately, the volume of advertising often leads to confusion. Let's address some of the main misconceptions about Medicare's Open Enrollment Peri

I receive inquiries all the time about additional "IRMAA fees" being assessed on Medicare Part B and Part D premiums. The base premium for Medicare Part B as of 2018 is $134 per month. Part D premiums vary, but they are generally between $20 and $30 per month. Some individuals will receive a letter from Medicare stating that additional fees will be charged as well because of something called IRMAA. This can be a frustrating realization, but sometimes there is an option to hav

Plan D Prescription Drug Plan Open Enrollment begins October 15. If you're in the market for a prescription drug plan, you might be wondering how to go about choosing the best plan. If You Aren't Currently on Meds, Should You Still Buy a Prescription Drug Plan? If you're 65 years old, does it make sense to purchase a prescription drug plan during Open Enrollment? Yes, if you are not currently on any prescriptions, you should still buy a prescription drug plan. The reason is

Some Medicare Part D plans (prescription drug coverage) might have a coverage gap. This coverage gap is often called the "Medicare Donut Hole." The donut hole occurs when you have spent a certain amount of money on prescription drugs. In 2016, for example, the coverage gap begins at $3,310. This mean, once you and your Medicare Part D plan have spent $3,310 on prescription drugs, you are in the donut hole. If you're in the Medicare donut hole, you pay for your prescription dr

If you're approaching age 65 you've likely been inundated with Medicare and Medicare Supplement insurance advertisements. Obviously your 65th birthday is relevant to when you can sign up for Medicare and Medicare Supplement insurance, but the enrollment periods vary slightly depending on what plan you're signing up for. Below are the enrollment dates for Medicare Parts A and B, Medicare Part C (also known as Medicare Advantage), Medicare Part D (prescription drug coverage), a

If you're on this site you're probably interested in Medicare Supplement Insurance (Medigap). Maybe you're trying to decide between a Medicare Advantage plan and Original Medicare supplemented by Medigap. These decisions alone can be confusing, so it makes sense to start with the first building block: What is Medicare? Medicare is health insurance. Specifically, it's health insurance for people age 65 or older. There are four different "parts" to Medicare, which we'll break d

Medicare Part D is Medicare's prescription drug benefit (sometimes also referred to as a PDP plan). Like Medicare Parts A and B, it is a United States federal-government program. Under Part D, the government subsidizes the costs of prescription drugs. A Medicare Part D plan adds prescription drug benefits to Original Medicare. Each Part D plan has its own list of prescriptions that it covers. The Plan's list of covered drugs is divided into different tiers - each tier with a