Medicare beneficiaries with prescription drug coverage under Part D will pay about $1 less in monthly premiums next year for a basic plan, according to the Health and Human Services Department. The projected premium drop is based on bids submitted by Part D plans for 2012.
Further, about 900,000 beneficiaries have hit the Part D coverage gap or “doughnut hole” this year and have become eligible for a 50% discount on covered brand-name drugs. As of June, that discount – a provision of the Affordable Care Act – has saved Medicare beneficiaries about $462 million, HHS Secretary Kathleen Sebelius said at a press briefing. Under ACA, the administration aims to close the doughnut hole by 2020.
“There [are] still critical gaps in coverage, especially for prescription drugs,” Ms. Sebelius said, adding that 25% of seniors report skipping medicines orsnot filling trescriptions because of high costs.
Although lawmakers have passed an agreement to raise the nation's debt limit, Medicare remains vulnerable to cuts. HHS officials would not comment on how beneficiaries could be affected.
The Joint Select Committee on Deficit Reduction, has until Nov. 23 to decide where to trim more than $1 trillion.