CMS announces average monthly premium for Medicare drug benefit

The monthly premium for Medicare prescription drug coverage beginning Jan. 1, 2006 will average $32.20 nationally, less than previously estimated, the Centers for Medicare & Medicaid Services announced today. The premium each beneficiary pays for standard coverage will depend on whether the plan they choose is above or below the national average cost, the agency said. Medicare beneficiaries can sign up for coverage starting Nov. 15.