Medicare Prescription Drug Costs to Increase in 2021

Medicare Prescription Drug Costs to Increase in 2021

According to Bloomberg News, “Senior citizens can expect to see their monthly Medicare costs increase by nearly 5% for prescription drugs in 2022, under projections the federal government announced Thursday.

The basic Medicare Part D premium is expected to reach roughly $33 next year, marking a 4.9% increase from 2021’s rate of $31.47, the Centers for Medicare & Medicaid Services said.

Part D helps recipients pay both name-brand and prescription drug costs and is one of Medicare’s most utilized programs, the CMS said, noting over 48 million beneficiaries are enrolled. The agency said it’s “carefully” looking at changes for the program and working with stakeholders on “opportunities for improvements” like cutting costs.

“Driving down prescription drug costs remains a priority for the Biden-Harris Administration,” the CMS said.

The agency said it expects to release the final premium cost in mid- or late September of this year.