Posted by:  Heinz Brisske

Seniors should get ready to pay more, or shop more wisely, when it comes to Medicare “Part D” prescriptions drug plans. According to Colin Shannon, senior manager at Avalere Health Care Consultancy: “Medicare beneficiaries should carefully review their prescription drug plan options in 2016. With many plans taking large premium increases in 2016, those beneficiaries that choose not to change plans will likely pay more in premiums than if they look for lower-cost options.”

According to CNBC, Avalere found that the average prescription drug plan premium in 2016 will top $40 per month for the first time in the federally subsidized program’s history. If all Part D enrollees stay in their current plans, the average premium for all prescription drug plans would rise from $38.83 per month this year to $41.34 per month in 2016.