The Centers for Medicare & Medicaid Services (CMS) projected today that the average premium for a basic Medicare Part D prescription drug plan in 2015 will increase by about $1, to an estimated $32 per month, continuing its historically low growth rate. Today's projection for the average premium for 2015 is based on bids submitted by drug and health plans for basic drug coverage for the 2015 benefit year, and calculated by the Centers for Medicare & Medicaid Services Office of the Actuary.
Keep in mind, many of the plans should have premiums even lower. Also keep in mind that the cost of the premium is not your only consideration when choosing a plan. No matter how cheap the premium is, if it does not cover the drugs you take it is not a good plan.
This news coming to us from CMS, is thanks in part, to continued unprecedented low levels of growth in Medicare spending and continued savings by seniors and people with disabilities on out of pocket drug costs. More seniors are becoming Medicare savvy. Seniors are on the lookout for Medicare fraud and abuse and finding and reporting it! According to the recent Medicare Trustees report, the life of the Trust Fund has been extended to 2030, up from its projection of 2017 in 2009. The report also shows that Part B premiums are expected to stay the same rather than increase for the second year in a row.
"Seniors and people with disabilities are benefiting from steady prescription drug premiums and a competitive and transparent marketplace for Medicare drug plans," said CMS Administrator Marilyn Tavenner. "And thanks to the Affordable Care Act, they are seeing improved benefits and saving on their medications." The Affordable Care Act has targeted 2020 to close the donut hole completely for prescription drugs but each year it reduces the cost to the individual by a small amount.
The upcoming Medicare annual open enrollment period -- which begins October 15 and ends December 7 -- allows for people with Medicare to choose their plans for next year by comparing their current coverage and quality ratings to other plan offerings. New benefit choices are effective January 1, 2015.
In late September everyone who has a Medicare Part D plan will get information from their current plan stating what the cost for the premium will be next year and what drugs they will cover. You should look this information over carefully and if you don't like what you see call us at 1-800-392-8771 or locally at 573-335-3331. Jackie, Liz, Meagan or I will be happy to help you find the best plan for you.
To learn more about the Medicare Part D prescription drug benefit, go to: http://www.medicare.gov/part-d/.