5 tips for 2011 Medicare enrollment

Examine Part D coverage more closely
6 of 7
Examine Part D coverage more closely

Medicare Part D plans were also streamlined this year -- and some plans had rate hikes.

Individuals with an adjusted gross income of more than $85,000 will pay anywhere from $12 to $69.10 per month more for Part D next year. One solution is switching to Medicare Advantage, which usually covers prescription drugs.

But this year, everyone should re-examine their Part D coverage. The objective: making sure you're getting the best price and most benefits. Some of the largest Part D plans are increasing their premiums, on average, at least 10 percent, according to a study by Avalere Health. Meanwhile, less-expensive plans are also making an entrance this year, says Baker.

However, the lowest-cost Part D plans aren't always the right ones, according to Allsup. The advisory firm suggests scrutinizing Part D coverage. What are the costs? What drugs are covered? Does your plan restrict medications?

"Comparing Part D costs can be tricky," says Rother. "You don't always know your out-of-pocket expenses." Fortunately, Part D options are plentiful, with more than 1,100 available plans.




Show Bankrate's community sharing policy
          Connect with us

Compare multiple quotes in just 6 minutes


Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.


Jay MacDonald

Can Obamacare survive if insurers bail?

UnitedHealth Group threatens to leave the Obamacare exchanges. Will other major insurers follow?  ... Read more

Partner Center

Connect with us