Medicare Open Enrollment will bring higher costs for recipients

HOUSTON - When Medicare open enrollment begins October 15, most of the nation's 69 million recipients will face higher prices in premiums, deductibles and surcharges.

Medicare Open Enrollment begins October 15

A recent study by the Kaiser Family Foundation found nearly seven out of 10 Medicare beneficiaries don’t compare plan options, each year. That would be a mistake, this time around, as premium hikes for medical and drug coverage, shrinking benefits on some private insurer plans and some rule changes mean there's a big benefit in researching the available options.

There are already a lot of choices, depending on the level of care that people want, but for the coming year, some insurers have cut much of their coverage while others have raised prices that could cost thousands more. That's particularly true for prescription drugs, after the government controlled prices for some common medications. To compensate, insurers have dramatically raised prices on other pharmaceuticals.

It can be helpful for some seniors to include their adult children in deciding the best course of action, or consulting an expert to help sift through available choices. Without intervention, price increases are projected to continue for at least the next decade.

Open enrollment will continue through December 7.

What they're saying:

"I don't know if it was the fear of the unknown, but it was a bit of that," says Medicare recipient Dane Bigner, about the overwhelming choices, "When you come in to do this, you don't know." 

"If you do not make a change, and you find out January first that your prescription is going to cost you off the charts, or is not covered under your plan, you can't make a change until next year," says Medicare consultant Toni King, about the importance of annually reviewing Medicare choice.