Medicare Prescription Drug Premiums Projected to Remain Stable

With the 50th anniversary of Medicare and Medicaid, there is good news on the horizon. The Centers for Medicare and Medicaid Services (CMS) has projected that the average premium for a basic Medicare Part D prescription drug plan in 2016 will remain stable. This is estimated at $32.50 per month.

For plan years 2011-2015, the average monthly premium for a basic plan for Medicare Part D has been between $30 and $32. How is the amount calculated? It is based on bids that are submitted by drug and health plans for basic drug coverage for the upcoming plan year (in this case 2016) and calculated by the independent CMS Office of the Actuary.

It’s important that Medicare Part D is affordable for seniors, people with disabilities, and other Medicare beneficiaries so they can access the prescription drugs they need while saving money on out of pocket prescription drug costs.

October 15- December 17, 2015 is the upcoming annual open enrollment period in which people with Medicare can choose health and drug plan for the next year by comparing the coverage and plan they currently have to other options.  When considering options for coverage, it is critical to review the plan to ensure current providers and coverage will not change under a new plan and will allow the patient to continue seeing their current providers without significant cost increases.  This is also a good time for people with Medicare to see where they can save money on their prescription drugs and choose a plan that will best benefit them.

For more information on Medicare Part D prescription drug benefits, visit: http://www.medicare.gove/part-d/