Medicare Prescription Drug Premiums Remain Steady

Average basic premiums for Medicare prescription drug plans are expected to remain constant in 2013, announced HHS secretary, Kathleen Sebelius. The average monthly premium for basic prescription drug coverage is expected to be $30 in 2013. Average premiums were $29.67. Since the law was enacted, seniors and people with disabilities have saved $3.9 billion on prescription drugs as the Affordable Care Act began closing the donut hole coverage gap.

The projection is based on bids submitted by drug and health plans for basic coverage during the 2013 benefit year and calculated by the Centers for Medicare & Medicaid Services (CMS) Office of the Actuary.
Coverage for brand name and generic drugs in the coverage gap will increase over time until 2020, when it will be fully closed. This year, people with Medicare got a 50% discount on covered brand name drugs and 14% coverage of generic drugs in the donut hole. In 2013, Medicare Part D coverage will begin to increase for brand name drugs, meaning that people with Medicare will receive a total of 52.5% off the cost of brand name drugs

For more information, visit: http://www.healthcare.gov/law/features/65-older/drug-discounts/index.html.

Last Updated 9/8/2017

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