Medicare Prescription Premiums
August 5, 2011 by staff
Medicare Prescription Premiums, The Obama good news for seniors Thursday: The average monthly premium for the prescription program popular Medicare will not go up next year.
Many older people may even see a drop in costs, especially if you shop around during the open enrollment period in the fall.
Officials credited the increasing use of generic drugs and competition within the program, which is delivered through private insurance companies. Medicare is also planning to participate in a boom that comes as a series of top-selling drugs get brand generic competition in the coming year.
The Department of Health and Human Services projects the average premium for 2012 will be approximately 30 and one month, and has hardly changed since 30.76 this year.
Since the estimate for 2012 is an average that does not reflect the premiums for each individual. Some older people noted an increase. But they will have options. A lot of offers should be available during the open enrollment period.
900.000 Officials also said Medicare beneficiaries with high drug costs have received a discount of 50 percent on brand name drugs this year, a benefit of law of Barack Obama’s health care. That number will continue to grow throughout the year as more people fall into the coverage gap is known as the donut hole. Health law gradually close the gap.
Medicare covers 47 million elderly and disabled people. Overall, about 9 out of 10 beneficiaries have some type of prescription drug plan. Some still get benefits through their former employers. But more than half are based on the prescription program, also known as Part D.
A recent study published in the journal American Medical Association found savings for the government as well as the elderly prescription program, offsetting part of the cost to taxpayers.
It is estimated that the Medicare drug benefit and saved an average of 1,200 per year for each age who had no coverage or inadequate benefits for the program was launched in 2006. Most of that came from the hospital and reduce the costs of nursing homes, such as prescriptions helped keep people healthier.
This translates into an average annual savings of 12 billion and, according to the study, making up over 20 percent of taxpayers 55 billion and spending on the program.
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