According to a recent Yahoo News article* millions of seniors enrolled in some of the most popular Medicare prescription drug plans face double-digit premium hikes next year if they don’t shop for a better deal, says a private firm that analyzes the highly competitive market.
“Seven of the top 10 prescription plans are raising their premiums by 11% to 23%,” says a report by Avalere Health.
This situation creates a real need for seniors to do their research and really make sure that they aren’t paying more than necessary.
“The average senior is going to benefit by carefully scrutinizing their situation, because every year the market changes,” Avalere President Dan Mendelson said.
The 7 plans with the double-digit premium increases were: the Humana Walmart-Preferred RX Plan (23%), First Health Part D Premier (18%), First Health Part D Value Plus (17%), Cigna Medicare RX Plan One (15%) Express Scripts Medicare-Value (13%) the HealthSpring Prescription Drug Plan (12%) and Humana Enhanced (11%). Another 2 plans in the top 10 also had single-digit increases. They were the SilverScript Basic (8%) and WellCare Classic (3%)
The good news is that there are new Plans out there right now that can save an average of $15/month nationally.
However, virtually all seniors pay a Part B premium for outpatient care, including those with traditional Medicare as well as those in private plans, and the part B premium is expected to rise by about $7 for 2013, according to the government’s own projections.
With changes in Medicare every year and uncertainty due to the Affordable Care Act (ObamaCare) and the economy, living on a fixed income- as most seniors do, creates a big challenge in making sure they have the best plan at the best price.
That is why it’s so important to do regular research on all the options available and seek out advice from trained professionals. Cornerstone representatives are always happy to do a free in-home consultation to fully explain the Medicare program, its changes for the current year and how they will affect YOU!
To remain educated through yet another year of changes, contact us today for a free consult!