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Obama administration: Average monthly premium for basic Medicare drug coverage to stay at $30
WASHINGTON (AP) ¯¯¯ It's an economic indicator of sorts for seniors: The Obama administration says the average premium for basic Medicare drug coverage will stay the same next year, $30 a month. That's the third year in a row of little or no change.
In addition, Medicare recipients with high prescription costs are saving an average of $629 apiece thanks to a provision of the new health care law that gradually eliminates a coverage gap called the "doughnut hole."
There is a caveat on premiums. Because the number is an average, some beneficiaries may see their monthly cost go up, while others get a decrease. Consumer advocates say seniors should check their plan during open enrollment season this fall and shop around if they're not satisfied.
Generic drugs are helping keep costs stable.