For Millions, Shopping Around For Medicare Coverage May Be Necessary To Save Hundreds
As we previously reported, nearly 3 million seniors will be forced to change their Medicare drug plan this year due to the new health reform law. Now, in addition to the millions who have to, many may voluntarily change plans if their premiums go up, which is likely. A new report from Avalere Health, a private research firm, shows that among the top Medicare plans, premiums are expected raise an average of 10%.
In general, Medicare officials say the average premium should only raise 1%, but on the high end it could be up to 43%! Enrollees of the First Health Part D Premier Plus plan offered by Coventry Health Care will see monthly payments rise from $64 to $91 – that’s over $300 for the year. Another startling change will be for members of the AARP MedicareRX Saver plan, the second most popular among seniors. These enrollees will be switched to the largest plan, AARP MedicareRX Preferred, and will see, on average, a 15% raise in premiums. (more…)
