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Attention Shoppers: Medicare Premiums On the Rise

Shopper

Seven of the top 10 plans will have double-digit percentage increases next year, according to Avalere Health, a healthcare consulting and research company.

With hunting season now open, there is a different “hunt” that you may want to explore.  Medicare enrollment is underway, and premiums are expected to rise. So should you hunt down a better plan?

You may need to draw on your survival skills for this hunt. All evidence points to some serious rate increases in Medicare prescription drug plans.

As you likely are aware, October 15 marks the first day of the enrollment period that extends until December 7. Nevertheless, if you haven’t read about the prescription drug increases elsewhere, a recent article in Reuters has reported that the potential increases may affect as many as 80% of all beneficiaries and even generate double digit rate increases for as many as 5.9 million beneficiaries, or 29% of all beneficiaries. Check out the article titled “As Medicare drug premiums soar, it's time to shop around.”

Don’t be afraid to hunt down the option that best fits your needs. Be sure to look beyond the standard big 10 plans, because eight of the top 10 are showing such increases. For instance, under the Humana Wal-Mart Preferred Rx increases will be somewhere between 10%-23% for various beneficiaries.

You can learn more about elder law planning  on our website. Be sure to sign up for our complimentary e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning.

Reference: Reuters (October 2, 2012) “As Medicare drug premiums soar, it's time to shop around

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