Don’t Forget To Shop Around for Medicare

Each year I encourage Medicare beneficiaries to use Open Season to shop around and compare the options in their plans. This article makes many of the same points. While Medicare plans are regulated, there still is a lot of difference between plans. You easily could spend twice as much for coverage as you need to, especially in Part D prescription drug plans and Medigap insurance.

Yet research suggest that if you live in an area where you have more than one plan option, it can be well worth your while.

For instance, when it comes to prescription drug coverage, there can be a huge disparity among providers in the price charged to plan participants. Examining one ZIP code, the Senior Citizens League found the average difference between high and low prices of the top 10 most-prescribed drugs was $593.

Whether you pick an Advantage plan that includes prescription drug coverage (most do) or choosing a standalone drug plan, also make sure the participating pharmacy meets your preference.