Enrollment Upcoming For Changes In Senior Major Medical Insurance Coverage

This past Thursday marked an important day for senior citizens. It was opening day of re-enrollment for Medicare Part D. Meaning that Seniors can change their major medical insurance coverage for the upcoming year. This is the second year of the program that provides government subsidies for prescription drugs to more than 6 million seniors.

The biggest change this year is that insurance companies have discovered what worked and what didn't work in the first year of the program and have made adjustments. The major adjustment is how much the coverage will cost seniors. Overall, 95 percent of Part D providers are raising at least some drug costs, Consumers Union says.

And premiums vary more widely. The Centers for Medicare and Medicaid Services said the average premium will decrease 14 percent while Avalere Health, a Medicare consultant, claims an average 21 percent increase in premiums among the Top 10 insurers.

The changes in drug costs and premiums for 2008 make shopping around especially important, said Lisa Hietala, executive director of the Senior Health Insurance Assistance Program, a consumer advocate agency. The deadline to select a new insurer for Part D coverage next year is December 31, but Hietala recommends making a decision by December 8 so the insurance card can be received by the start of the year. Doing nothing means a senior will have to accept any changes from his or her current insurer.

Hietala cautions seniors to look closely at their insurers' benefit changes to make sure their drugs will still be offered next year and at what price. Then check the monthly premium charge. Some insurers that set low premiums last year to draw in seniors are now increasing them, according to Avalere Health.

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