Prescription Drug Plan Rates: 2012 and 2013 Compared

Medicare Insurance Rates

Those who have an existing insurance policy and are dissatisfied with the rates and/or service can enroll in a new policy as of October 1, 2013. During this time, known as the 'open enrollment period', you can expect insurance salesmen to do a hard sell on the new Part D plans available for 2014.

You can start enrolling yourself in a new plan within the enrollment period from November 15, 2013 to December 31, 2013.

Of course, you can always stick to your old plan and not have to elect a new plan, but what can we expect from the 2014 Part D? In two words: changed rates.

2012 Prescription Drug Plan

The standard benefits of the 2014 Part D can be summed up here:

 Annual Deductible:
 Maximum annual out of pocket:    
 Co-payment for generic drugs:  
 Co-payment for covered branded drugs   





2013 Part D Insurance Coverage

As can be expected, the 2013 Medicare Part D has a general increase in the figures. Here we can see an average as to just how much they have changed:

 Annual Deductible:
 Maximum annual out of pocket:    
 Co-payment for generic drugs:  
 Co-payment for covered branded drugs   




Take note that the figures indicated above are only the standard benefits, and benefits may vary from plan to plan.

Your Insurance Plan, Your Choice

It’s entirely up to the customer to decide which plan suits them best. If you’re content with your 2013 insurance plan, and you are happy with the rates, you can by all means renew your enrollment in the plan. If you are not content with your plan, then you can elect a new plan under the terms of the 2014 Part D Medicare. Here are a few things to consider, prior to purchase.

  • Do not stall in your decision because there’s no such thing as late enrollment in Part D.
  • Post 2013, you can only switch from a Medicare Advantage plan covering Part D to a PDP plan within the Special Enrolment Period from January 1 to March 31, 2014.
  • PDP providers are required by the Centers for Medicare & Medicaid Services to accept enrollees of the MA-PD program who want to enroll in the original Medicare program.
  • The marketing period for 2014 Medicare plans may seem like a long way from now, but you really can save yourself some trouble if you determine early on whether your current plan fits your needs and your budget.
  • If your plan doesn’t suit your requirement, then you should take the time to decide what your ideal rates are and what you really want of your prescription coverage. Failing to do so will often mean you have to sift through a myriad of plans that could easily come off the market before your registration.
  • There are some states where you can choose from 100 different Part D plans from 20 different insurance companies. There is a lot of product literature to go through (if you really want to be sure you’re getting the best product), so it’s often best to contact a licensed Medicare professional for advice.
  • Decide upon your preferred rate beforehand, so you know what is available within your price-range.