Time to Revisit Your Medicare Part D Prescription Drug Plan

Rising costs mean it's time to review your plan during open enrollment.

Some of the largest insurers have announced whopping price increases for their Medicare Part D prescription-drug plans. Take a long, hard look at your current coverage; you have from November 15 to December 31 to change plans for 2009, and it may pay for you to make a switch.

Average monthly premiums for Part D plans are rising by 12% -- from $25 to $28 -- in 2009. But average premiums for Humana's popular standard and enhanced plans are increasing by 60% or more. The average price for Humana's standard plan is now more than 329% higher than when it was first introduced in 2006, according to a study by health-consulting firm Avalere Health.

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Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.