08/27/2012 09:56:00 AM EST
Medicare Part D premium to remain unchanged in 2013
The U.S. Department of Health and Human Services has announced that the average premium for Medicare Part D coverage will remain steady in 2013. The average premium will be about $30. This is the third straight year that the Part D premium has not increased.
Open enrollment for Medicare Part D plans begins earlier this year, too, beginning October 15 and ends December 7. Medicare beneficiaries can examine and compare various Part D plans during that time and choose the plan that best suits their needs. The chosen plan goes into effect on Jan. 1, 2013. For information on open enrollment and choosing a plan, click here.
The Center for Medicare and Medicaid Services has also announced that since the establishment of the Affordable Care Act, seniors and the disabled collecting Medicare benefits have saved nearly $4billion in prescription drug costs. In 2012, beneficiaries in the "doughnut hole" saved 50% on brand-name prescription drugs and 14% on generic prescription drugs. Under the law, the doughnut hole will gradually decrease through 2020, when the coverage gap disappears entirely.
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