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. 

Joseph S. Karp is a Florida Bar Certified and Nationally Certified Elder Law Attorney focusing on Elder Law, Probate, Estate Planning, Asset Protection, Special Needs Planning and Estate Litigation. He is AV rated by Martindale Hubbell. Mr. Karp is the founder of The Karp Law Firm, a South Florida law firm with offices in Palm Beach Gardens, Boynton Beach and St. Lucie, Florida.  Mr. Karp was named a 2011 SuperLawyer by SuperLawyer Magazine and a member of the 2011 Florida Legal Elite by Florida Trend Magazine. He is admitted to practice law in New York as well as Florida. Visit Mr. Karp's Florida Elder Law and Estate Planning website. 

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