2018 Medicare Part D
2018 Medicare Projected Part D Premium
With Medicare Annual Enrollment just around the corner (October 15th-Dec 7th) thought I would take a look at some information that could impact the decisions you make during this period of time. During this period a Medicare participant may choose to change their Medicare Part D plan. This last week on 8.2.2017, The Centers for Medicare and Medicaid Services(CMS) released a statement announcing that the average base premium for a Medicare Part D plan would decrease approximately $1.20 below the actual average premium of $34.70 in 2017.
So hold on does that means that drugs are becoming less expensive? I thought drug prices are going up? So what gives?
Well it seems that the Trump Administration promised to lower Drug costs for Medicare and the CMS Administrator Seema Verma has taken time out to make us aware of this.
What is effecting this rise in Drug costs?
According to CMS, this increase is largely due to the high cost of specialty drugs, especially during the catastrophic coverage period. In all Medicare Part D plans, after the enrollee pays a certain amount in out-of-pocket costs (regardless of their total drug costs) for covered drugs, they will reach catastrophic coverage, when they pay a 5% coinsurance for their covered prescriptions.
With this news we still need to be aware that spending on Medicare Part D continues to rise faster than the other parts of Medicare as noted in the 2017 Medicare Trustees report.
The bottom line....
Make sure to take some time this fall and review your Part D plan. Review the drugs you take with your doctor and see if should be taking all of them or if there is a Generic alternative for any Brand Name drugs you take, the copay's you pay when you get them filled, the pharmacy you use (whether it is preferred or standard) and the plan cost itself. You may find after this review that there are opportunities to save money on your Part D drugs. Hope that puts a smile on everyone's face.
For help in analyzing your Part D plan just reach out to us at:
We will review it and make recommendations. There may be potential savings in store for you.