How Medicare Supplement Insurance Prescription Drugs Are Impacting the Private Health Insurance MarketNovember 2007
Upcoming changes in Medicare drug plans prove that the costs for prescription drugs are still impacting the public and private health insurance market. With these costs predicted to go up next year,
Medicare supplement insurance might be the only way that many people can afford potentially lifesaving medications.
According to the
San Francisco Chronicle, "Medicare beneficiaries who fail to examine next year's changes to their prescription drug plans may find the price of their pills tougher to swallow come Jan. 1." Why? Enrollment begins Nov. 15 for the new crop of drug plans, and health advocates warn that people are likely to see increases in their monthly premiums - and no guarantees that prescription drugs covered under their plan this year will be covered in 2008.
Since the federal government added prescription drug coverage to its Medicare benefits in 2006, about 24 million of America's 43 million seniors have taken advantage of the new option. The program, known as Medicare Part D, is administered by private health insurance companies that are approved by the federal government to sell drug plans.
But with the costs of prescription drugs going up year after year, combined with the large number of people who rely on these drugs for their health and wellbeing, less and less of these costs will be covered by Medicare itself. Instead, Medicare supplement insurance may have to pick up the tab.
Facts on:
Private Health Insurance Market
Did you know...
Since the federal government added prescription drug coverage to its Medicare benefits in 2006, about 24 million of America's seniors have taken advantage of the new option?
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The fear is that too many people can't afford Medicare supplement insurance, but the truth is that the costs are based more on what each person needs and what isn't covered by their traditional Medicare plan. The best thing anyone can do is exactly what the Chronicle suggests: shop around.
Aside from making healthy lifestyle choices, shopping around and understanding what you need, and what you can afford, are the best ways for the public to save money. Have this information handy when you contact a
private health insurance agency, and it will be easier to get the coverage you need without paying for unnecessary services.
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