WASHINGTON — Millions of seniors who signed up for popular private health plans through Medicare are facing sharp premium increases this year – another sign that spiraling costs are a problem even for those with solid insurance.
A study released Friday by a major consulting firm found that premiums for Medicare Advantage plans offering medical and prescription drug coverage jumped 14.2 percent on average in 2010, after an increase of only 5.2 percent the previous year. Some 8.5 million elderly and disabled Americans are in the plans, which provide more comprehensive coverage than traditional Medicare, often at lower cost.
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At a town hall meeting Friday outside Las Vegas, Obama said the Medicare Advantage plans are getting a "sweet deal" from the government – overpayments averaging 13 percent. "All we've been saying is 'Let's make sure that there's a competitive bidding process, and that we are getting the absolute best bargain,'" the president said.
The Avalere study found that, for consumers, Medicare Advantage is becoming less of a bargain. The premium for 2010 is $39.61, representing an increase of nearly $5 a month from the previous year. That compares with a rise of less than $1.75 a month in 2009. The averages are adjusted based on enrollment levels in particular plans that offer medical and prescription coverage, reflecting the choices that seniors make. ...
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