Chances are high that most retirees are paying too much for their Medicare health and drug plans, says The Senior Citizens League (TSCL).

"Unless you match your needs to the lowest costing plan that specifically cover the drugs you take, or Medicare Advantage plan that includes the doctors and hospitals that you typically use in its network, you could be needlessly spending hundreds of dollars too much for your coverage," says Mary Johnson, a Medicare policy analyst for The Senior Citizens League. "For married couples, this can mean different health or drug plans for each of you," she notes. Yet surveys conducted by senior advocates, including The Senior Citizens League, indicate that only a small portion of Medicare beneficiaries ever shop around for better coverage at the lowest cost.

Prescription drug costs are the fastest growing expenditure that most people face in retirement, according to research by The Senior Citizens League. "Most retirees have other options that they don't even know about," Johnson says. Medicare's fall Open Enrollment period, which starts October 15th and runs through December 7th, is the time to learn about those other options, and to make changes to health and drug plan coverage.

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