Premiums for many popular Medicare prescription drug plans will soar next year – but seniors don’t have to take the rate hikes lying down.
The annual plan enrollment period for Medicare Part D starts October 15 and runs through December 7, so seniors have time to shop around. Seven of the top 10 plans will have double-digit percentage increases next year. More than 80 percent of Part D beneficiaries are in these plans; that means 5.9 million will pay double-digit increases next year if they don’t switch. That’s a whopping 29 percent of all Part D enrollees.
The double-digit premium hikes are surprising because prescription drug costs have fallen sharply due to widespread expansion of generic medications – not to mention that many seniors had been expecting their costs to go down since healthcare reform closed the so-called donut hole gap in coverage.