Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Life Health > Health Insurance > Medicare Planning

Medicare drug plan premiums to rise

X
Your article was successfully shared with the contacts you provided.

Medicare officials have announced plans to increase prescription premiums by $1, or about 3 percent, next year. Monthly premiums will cost beneficiaries about $30. However, because Medicare prescription plans vary in coverage and cost, consumer advocates have urged seniors to consult their individual plans. Seniors can compare plans with help form the online plan finder on the Medicare website.

The increase will be accompanied by an improvement in benefits, and those with high-cost prescriptions should see a significant reduction in their costs. Health reform will close the “doughnut hole” drug coverage gap, and beneficiaries in the gap will receive a 50 percent discount on brand name drugs, 7 percent off generics. Eventually, reform will close the gap completely by 2020.


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.