Gov't: Average Monthly Premium for Medicare Drug Plans Will Rise by $1 for 2014, to $31

The Obama administration says the average monthly premium for Medicare prescription drug plans will inch up by $1 next year, to $31.

The Obama administration says the average monthly premium for Medicare prescription drug plans will inch up by $1 next year, to $31.

The increase comes after three stable years in which the average premium hovered around $30 a month.

Medicare officials say the modest increase means competition among insurers is holding down costs, even as benefits have improved for seniors with high prescription bills.

But consumers take note: the average isn’t the full story. For example, last year seven of the top 10 plans raised their 2013 premiums by double-digit percentages. By shopping around, seniors helped keep the average premium paid from going up.

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Source: The Washington Post