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News Summary: Medicare drug plans to boost prices

The Associated Press

THE NEWS: Millions of seniors enrolled in Medicare prescription drug plans face double-digit premium hikes next year if they don't shop for a better deal during open enrollment season next month.

THE NUMBERS: Seven of the top 10 prescription plans are raising their premiums by 11 percent to 23 percent, according to research firm Avalere Health.

WHAT'S TO BLAME: The price hikes appear to be driven by market dynamics, and some insurers are introducing new low-premium options to gain a competitive advantage on plans that are raising their prices.