Seniors enrolled in the Medicare Part D drug program will see their monthly premiums rise by an average of 21% unless they shop around for cheaper plans, according to a new analysis by researchers at Avalere Health. The cost of the drug program for upper-income Medicare recipients, however, will rise even higher under a new plan being floated around Washington.
Avalere?s analysis of federal data released by the Centers for Medicare & Medicaid Services found that 8 of the top 10 prescription drug plan sponsors in Medicare have increased their premiums for 2008. The 2 companies holding the line on premiums are: CVS Caremark?s SilverScript plan and First Health?s Part D Premier plan, said the researchers.
The cost of drug coverage could rise even more sharply for higher income seniors under a means test proposal being considered by the Bush administration. Under the plan, Medicare beneficiaries with annual incomes of >$80,000 would be required to pay additional fees to participate in the drug program.
Sen John Ensign (R, Nev) is developing a legislative proposal incorporating the plan, which could reduce the cost of Medicare Part D to taxpayers by billions of dollars.
While many states across our nation are engaged in political battles over the recreational use of marijuana, researchers have been busy studying the medical benefits of cannabidiol.
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