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Medicare Drug Premiums To Remain Constant

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Average basic premiums for Medicare prescription drug plans are expected to remain constant next year, according to the Department of Health and Human Services (HHS). The average 2013 monthly premium is expected to be $30.

This is good news for seniors who depend on prescription drug coverage under Part D of Medicare. "Thanks to the new health care law, which starts to close the donut hole, millions of Americans are now saving money on their prescription drugs," said Congresswoman Kaptur. "More than five million Americans saved almost $4 billion on prescription drugs since the law was enacted."

HHS said that during the first six months of the year, more than a million people with Medicare saved $629 per person on average.

As a result of the Affordable Care Act, coverage for both brand name and generic drugs in the coverage gap will continue to increase over time until 2020, when the coverage gap will be fully closed.

This year, people with Medicare received a 50 percent discount on covered brand name drugs and 14 percent coverage of generic drugs in the donut hole. Next year, Medicare Part D's coverage of brand name drugs will begin to increase, meaning that people with Medicare will receive a total of 52.5 percent off the cost of brand name drugs (a 50 percent discount and an additional 2.5 percent in coverage) and coverage for 21 percent of the cost of generic drugs in the donut hole.


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