As Medicare Drug Plans’ Premiums Rise, Beneficiaries Should Check Their Options
Meanwhile, the number of subsidized Medicare drug plans is dropping because of insurance market consolidation and federal rules discouraging duplicative options -- leaving some seniors with fewer options from which to choose.
The Associated Press:
Experts Foresee Big Premium Increases For Medicare Drug Plan
With time running out on open enrollment season, many seniors are facing sharply higher premiums for Medicare's popular prescription drug program. The reason: rising drug costs have overtaken a long stretch of stable premiums. Beneficiaries have until Dec. 7 to see if there's a lower-cost plan that will cover their medications in 2016. Consumer advocates and experts say it will pay to shop around this sign-up season. (Alonso-Zaldivar, 11/22)
Earlier KHN coverage: Don’t Just Renew Your Medicare Plan. Shopping Around Can Save Money. (Jaffe, 1/15)
Kaiser Health News:
Fewer Medicare-Subsidized Drug Plans Means Less Choice For Low-Income Seniors
Even though health problems forced Denise Scott to retire several years ago, she feels 'very blessed' because her medicine is still relatively inexpensive and a subsidy for low-income Medicare beneficiaries covers the full cost of her monthly drug plan premiums. But the subsidy is not going to stretch as far next year. That’s because the premium for Scott’s current plan will cost more than her federal subsidy. The 64-year-old from Cleveland is among the 2 million older or disabled Americans who will have to find new coverage that accepts the subsidy as full premium payment or else pay for the shortfall. (Jaffe, 11/23)
Also, The Wall Street Journal reports on a GAO study of Medicare's spending on doctor-administered drugs and Modern Healthcare reports on how skilled-nursing facilities are reacting to a new ACO rule -
The Wall Street Journal:
GAO Study Illustrates Cost Of Doctor-Administered Drugs In Medicare
A federal analysis released Friday illustrates how the Medicare program came to spend $20.9 billion a year on doctor-administered drugs. One-quarter of those drugs cost from $51,000 to $536,000 per person annually, according to a study by the Government Accountability Office, released by Rep. Chris Van Hollen (D., Md.). The study also said that by 2013 about 332,000 Medicare participants were obligated to pay out-of-pocket costs ranging from $1,900 to $107,000 a year for new drugs in the Medicare Part B program. (Burton, 11/20)
Modern Healthcare:
SNF Leaders Wary Of New ACO Rule
Skilled-nursing facilities are seeking more say in how they contract with accountable care organizations as a new CMS rule for ACOs loosens the coverage policy for some Medicare patients, experts say. Under the ACO Track 3 program, which starts in January, post-acute providers hope to see more gain-sharing opportunities, said Mike Cheek, a senior vice president at the American Health Care Association, which represents SNFs, nursing homes and other post-acute providers. (Sandler, 11/21)