Increased Premiums for Medicare Prescriptions

The average increase for Medicare prescription premiums is 14% according to an analysis by Avalere Health http://www.avalerehealth.net/wm/show.php?c=1&id=844 The monthly premium amount may only be going up a few dollars but when you factor in the average increase of 24%  from last year, it really starts adding up, especially if you are on a fixed budget.

In planning your retirement budget, be sure to give yourself a cushion for rising costs like these.  If you’re already retired, shop around and compare the different Medicare Prescription plans to try to find a cheaper plan.

Here’s a link to the Boston Globe’s story on the increased premiums:

http://www.boston.com/news/health/articles/2010/02/20/seniors_hit_by_hike_in_medicare_costs/?s_campaign=8315

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