Drug costs to push Medicare Part B premiums 7% higher next year

Medicare Part B premiums will rise nearly 7 percent next year to $144.60 per month, CMS officials announced.

The $9.10 monthly increase was attributed to more spending on medications. CMS cited rising spending for drugs administered in physician offices.

"These higher costs have a ripple effect and result in higher Part B premiums and deductible," the federal agency said.

The premium only rose $1.50 from 2018 to 2019. 

The annual deductible for 2020  will be $198 per year, up $13 from last year.

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