As healthcare reform looms, drug companies are increasing their prices at a rapid pace. In the face of the price increases, drug makers are promising the government that they will support healthcare reform by reducing national drug costs by $8 billion per year.
In the last year alone, drug manufacturers have increased the wholesale prices of their brand-name prescription medications by about 9 percent, adding more than $10 billion to the cost of prescription drugs across the country. The national cost for drugs for 2009 is already $300 billion, which means that the increase is the highest annual rate of inflation for medications since 1992.
Many Medicare beneficiaries are concerned about their ability to pay for their medications – especially when those medications are not covered by Original Medicare. Luckily, they can enroll in a Medicare Supplemental insurance policies that may help to cover the cost of many prescription medications that are not covered by Original Medicare. In fact, many Medicare beneficiaries are enrolling in Medicare Supplemental insurance plans to be sure that as changes take place over the coming year – and decades – they will be covered.
In order to enroll in Medigap insurance for the coming year, participants need to change their plans during the annual Medicare Open Enrollment period, which lasts from November 15 to December 31 of each year. During Open Enrollment, participants can add their Medicare Supplemental insurance policies and make any other necessary changes to their Medicare plans that they think they may want for the upcoming year.
As drug companies make an effort to maximize their profits in the face of national healthcare reform, individual Medicare beneficiaries need to be sure that they are protecting themselves – and their ability to receive the right medications for their unique healthcare needs. If you are interested in learning more about how a Medicare Supplemental insurance plan can help to ensure that your drug expenses are covered, contact a Medigap Medicare Supplemental insurance specialist for more information today at 866-323-1441.
Jim McFadden has over 11 years of executive-level experience in the health insurance industry, is a youth baseball, softball and football coach, and has one of the worst fantasy football records in the world.