WASHINGTON — Millions of seniors enrolled in some of the most popular Medicare prescription drug plans face double-digit premium hikes next year if they don’t shop for a better deal, says a private firm that analyzes the highly competitive market.
Seven of the top 10 prescription plans are raising their premiums by 11 percent to 23 percent, according to a report this week by Avalere Health.
“The average senior is going to benefit by carefully scrutinizing their situation because every year the market changes,” Avalere president Dan Mendelson said. Avalere crunched the numbers based on bid documents that the plans submitted to Medicare.
The report found premium increases for all top 10 prescription drug plans. However, the most popular plan — AARP MedicareRx Preferred — is going up only 57 cents per month nationally, to $40.42 from the current $39.85.
The price hikes appear to be driven by market dynamics, and some insurers are introducing new low-premium options to gain a competitive advantage on plans that are raising their prices
![[prison 19] Caption: This is Cellhouse 1, Pod A, from ground level inside the Sterling Correctional Facility which is located outside of Sterling, Colorado Thursday afternoon. Photographer: LEW SHERMAN Title: FREELANCE Credit: SPECIAL TO THE POST City: Sterling State: CO Country: USA Date: 19990617 ObjectName: prison 19 Keyword: PUBDATE____1999_06_22](/wp-content/uploads/2016/04/20151207__denverpostp1.jpg?w=538 "20151207__denverpost~p1.jpg")
