Medicare Drug Plan Prices Set to Rise in 2016

More than 15 million people enrolled in the top 10 Medicare “Part D” prescription drug plans will face average premium hikes of 8 percent next year, according to a new analysis. Those top 10 plans account for more than 80 percent of enrollment in such drug plans, the Avalere Health consultancy found. Five of the top prescription drug plans will see double-digit premium hikes next year. Avalere also found that the average prescription drug plan premium in 2016 will top $40 per month for the first time in the federally subsidized program’s history. If all Part D enrollees stay in their current plan, the average premium for all prescription drug plans would rise from $38.83 per month this year to $41.34 per month in 2016.

Source/more: CNBC

David Wingate is an elder law attorney at the Elder Law Office of David Wingate, LLC. The elder law office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick and Montgomery Counties, Maryland.