Medicare drug plan premiums to shoot up next year

Most seniors will end up paying more for their needed medications next year, with Medicare prescription drug premiums expected to rise 13 percent. It is the largest increase in seven years.

The findings from an analysis by Kaiser Family Foundation was released Tuesday, two days before Medicare's open enrollment period starts and gives seniors a chance to change their coverage.

Kaiser estimates that the average Part D premium, Medicare's prescription drug plan, will increase from $36 to $41 per month next year.

"Even if a number of beneficiaries switch or are reassigned to lower-premium plans, the average premium increase for 2016 is likely to be the largest since 2009," the nonpartisan group said in its report.

Read more on WashingtonExaminer.com