Bad news for millions of seniors who have Medicare. News is emerging that sharp premium increases are in the works this year – as high as 14.2% – showing that even those who are insured are facing out of control heathcare costs.
It was revealed on Friday that on average, premiums for Medicare Advantage plans offering medical and prescription drug coverage jumped 14.2 percent on average in 2010. With almost 8.5 million on these plans, the higher Medicare Advantage premiums are focing many seniors to seek alternatives.
At a town hall meeting Friday, President 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,” Obama said.
