Medicare Part D drug plans can change their premiums year-to-year and some Part D premiums have gone up almost every year - nut, other Part D plans have reduced their monthly premiums.
Most likely, a Part D plan will increase premiums year-to-year when the plan experienced higher-than-expected costs or the plan projects higher costs for the upcoming year (perhaps when a new, expensive medication is released). On the other hand, some Part D plans may lower premiums one year to attract new plan members - and then the same plan may raise premiums the following year to bring the plan back into profitability.
Please also note that Medicare Part D plans can only raise their premiums or change cost-sharing structure with the approval of Medicare.
Most likely, a Part D plan will increase premiums year-to-year when the plan experienced higher-than-expected costs or the plan projects higher costs for the upcoming year (perhaps when a new, expensive medication is released). On the other hand, some Part D plans may lower premiums one year to attract new plan members - and then the same plan may raise premiums the following year to bring the plan back into profitability.
Please also note that Medicare Part D plans can only raise their premiums or change cost-sharing structure with the approval of Medicare.
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