2011 Prescription Drug Medicare Premiums Expected to Stay Stable
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Good news about prescription drug costs: the CMS (Center for Medicare and Medicaid Services) has announced that Rx drug premiums are expected to remain stable and not increase by a substantial amount in 2011. Medications will also be more affordable, thanks to the Affordable Care Act, which promises discounts on both brand and generic name drugs as well as relief for those stuck in the donut hole. A 50% discount on brand names and a 7% discount on generic drugs are expected as part of the initiative.
What are the 2011 Forecasts for Prescription Medicine Prices?
Projected Plan D schedules for 2011 anticipate only a $1.00 monthly increase on average, or 3%. The slight increase combined with the Affordable Care Act discount on prescription drug brands and generics is expected to make them more affordable in 2011, for at least 27 million beneficiaries. By 2020, the donut hole coverage gap is expected to disappear.
The Affordable Care Act is also expected to prevent at least 300,000 individuals receiving low income subsidies (LIC) from having to switch to new plans to avoid paying extra premiums.
General information about plans and pharmaceutical drugs premiums for both Plan D and Medicare Advantage for 2011 are expected to be posted in September on the CMS website. Information to assist current beneficiaries review their options will be made available in October at Medicare. The open enrolment period begins in November 2010.
In addition, beneficiaries will receive extra mailed information to help them review coverage options, prescription drug plans and health plans.
