Good news: Carriers have released their Medicare Part D pricing for 2019 plans and the average plan premium has declined from 2018. In 2018 the average prescription drug plan premium was $33.59 per month. It'll reduce to $32.50 in 2019.
The main reason for the drop in premiums is due to some new carriers entering the market with very low premiums. That said, many plans are getting increased premiums next year, so it's important to check the status of your current plan to see if you might have an opportunity to save money elsewhere.
The potential for savings is a good reminder that Part D plans change every year. Reviewing your Part D options each Medicare Annual Open Enrollment (October 15 - December 7) can save you hundreds of dollars. Remember, while premiums might be dropping, 2019 drug prices are going up, so being in the right prescription plan is more important than ever.
The best plan one year won't necessarily be the best option in the future. While this is particularly true if your prescriptions have changed during the year, it's worth remembering that the plans themselves change each year as well.
Our consultants are happy to offer a free prescription drug plan review to ensure you're in the best plan for 2019.