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Why Did The Premiums On My Medicare Drug Plan Increase?

What Is A Medicare Drug Plan?

Your Medicare Drug Plan is the plan that you are on through the government to pay for your prescription drugs. It is something that you get when you are able to get Medicare. It is just something that helps most seniors to be able to get more affordable prescription drugs. This is something that they pay a little bit of money into each month, and in turn they get the insurance coverage that they need for those drugs.

Can The Price Change?

The simple truth of the matter is that your Medicare Drug Plan can change the price of your premiums at any time. The main reason why this would happen would be because you are now more of a threat to actually use your plan. This means that you are more likely to cost the government more money. Simply put, the more you use your Medicare Drug Plan, the more you are going to have to pay for it. That is the only fair system that could be devised for figuring out how much each person is going to pay for this service.

What Do I Do If My Price Changes?

There is not a whole lot that you can do if your Medicare Drug Plan price increases. The best that you can hope for is to switch to a private insurance company if the price continues to get higher and higher. Most likely you are going to have to pay more with a private company than you would with the government though. This means that you are going to want to try to stick with the Medicare Drug Plan that you have if that is at all possible. If you rates continue to climb and climb, then start to comparison shop around the market.



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