Each year, seniors enrolled in Medicare Part D have the option to review their current Part D plan and switch to another plan if they prefer. Seniors who are new to Medicare Part D also use this opportunity to choose and enroll in a plan. This year's open enrollment period begins on October 15 and lasts until December 7.
The open enrollment period highlights one of the most efficient and cost-saving aspects of Medicare Part D: its competitive marketplace. Private insurers that offer Medicare Part D plans must negotiate with pharmaceutical companies over the cost of prescription medicines. Insurers want must compete with each other to offer the best options and the lowest prices to seniors--ensuring that seniors can choose from a wide range of plans and select the one that best suits their coverage needs and their budget.
"Seniors are benefiting from improved benefits and low premiums, thanks to a competitive and transparent marketplace for Medicare drug plans," said Department of Health and Human Services Secretary Kathleen Sebelius. She's right: the average Part D premium has held steady at around $30 for the last four years, about half of the premium government officials originally projected. What's more, it's expected to stay about the same in 2014--meaning more money in seniors' wallets.
Medicare Part D is working for seniors. Tell Congress why Medicare Part D is important to you and sign our petition to protect it today!