Gov't: Medicare drug premiums inching up for 2014

by The Associated Press

The Obama administration says the average monthly premium for Medicare prescription drug plans will inch up by $1 next year, to $31.

The increase comes after three stable years in which the average premium hovered around $30 a month.

Medicare officials say the modest increase means competition among insurers is holding down costs, even as benefits have improved for seniors with high prescription bills.

But consumers take note: the average isn't the full story. For example, last year seven of the top 10 plans raised their 2013 premiums by double-digit percentages. By shopping around, helped keep the average premium paid from going up.

Consumer advocates say beneficiaries should check their plan during open enrollment, from October 15 to December 7, and look for better deals if they're not satisfied.

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Report: Premium hikes for top Medicare drug plans

Sep 25, 2012

(AP)—A study says seniors in seven of the 10 most popular Medicare prescription drug plans will be hit with double-digit premium hikes next year if they don't shop for a better deal.

Premiums jump 14 percent on Medicare private plans

Feb 19, 2010

(AP) -- Millions of seniors who signed up for popular private health plans through Medicare are facing sharp premium increases this year - another sign that spiraling costs are a problem even for those with ...

Premiums expected to be about 20 percent lower in 2014

Jul 23, 2013

(HealthDay)—Premiums in the Health Insurance Marketplace are likely to be about 20 percent lower than anticipated in 2014, according to a report published by the U.S. Department of Health and Human Services ...

Recommended for you

Asia's rising tobacco epidemic

4 hours ago

Smoke-filled bars and packed cancer wards reflect decades of neglect of no-smoking policies in Asia, where both high- and low-income countries are belatedly waking up to a growing tobacco-related health ...

Study: Americans endure unwanted care near death

14 hours ago

Americans suffer needless discomfort and undergo unwanted and costly care as they die, in part because of a medical system ruled by "perverse incentives" for aggressive care and not enough conversation about what people want, ...

User comments