If you participate in Medicare Part D prescription drug insurance, you may be wasting hundreds of dollars annually on your coverage needlessly. A new study has found that 22 percent of Medicare Part D beneficiaries could save at least $500 per year by switching to one of the cheaper plans available. Considering many seniors are on a fixed income, this savings could be significant. Unfortunately, the most common mistake seniors make in choosing their Part D insurance is that they only consider their current premium and whether it is acceptable for the coming year. They don’t take into consideration future changes that may occur, such as any limits on drug quantity or cost of regular medications. When Medicare open enrollment comes around each year, as it is currently, it’s important for seniors to take advantage of the Medicare Plan Finder online tool to find the most cost-efficient plans.
To learn more about the major mistakes seniors make in selecting their Medicare Part D prescription drug insurance plans, and to learn more about the tools available to prevent you from making the same mistakes, read here.