Gov't: Medicare drug premiums inching up for 2014

July 30, 2013 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.

Explore further: Report: Premium hikes for top Medicare drug plans

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Report: Premium hikes for top Medicare drug plans

September 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.

Medicare prescription premiums unchanged for 2012

August 4, 2011
(AP) -- The Obama administration says it has good news for seniors: The average monthly premium for Medicare's popular prescription plan won't go up next year.

Premiums expected to be about 20 percent lower in 2014

July 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 (HHS).

Medicare premiums could rise for many retirees

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(AP)—Higher Medicare premiums are probably in store for many seniors if there's a budget deal between President Barack Obama and Republicans in Congress.

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