Pay Less for Your Prescription Drugs

By Nicole Duritz The dog days of August are the most likely time for Medicare Part D participants to fall into the “doughnut hole” and see their prescription costs rise. With AARP resources, you can see if you’re at risk of falling in, and find options for lowering your drug costs. The Doughnut Hole Each year, 19 percent of Medicare Part D beneficiaries fall into the “doughnut hole.” Once the amount of money you and your insurance company pay for …

Medicare Part D Generates Billions in Taxpayer Savings

Medicare‘s prescription drug benefit saves taxpayers billions of dollars by dramatically reducing hospital admissions, a new study shows. Researchers at the Johns Hopkins Bloomberg School of Public Health and the University of Illinois at Chicago estimated the total savings at $1.5 billion a year – about 2.2 percent of the total $67.7 billion cost of Medicare Part D in 2011. “Medicare Part D requires a substantial investment from the federal government, and the million-dollar question has been, ‘Does this investment …

Medicare Drug Premiums Will Rise Just $1 a Month

The average monthly premium for a basic prescription drug plan under Medicare Part D will be just $1 higher next year, the government projects. What’s more, Medicare beneficiaries get some of the credit for keeping the average low by shopping around, the Associated Press reports. For this year, seven of the top 10 Medicare drug plans raised premiums by 10 percent or more. But the average stayed low because many seniors chose plans with lower premiums. “Consumer advocates say beneficiaries should …