Medicare Drug Plan Premiums Up $1 Next Year, More
Reports on Low Medicare Costs
Unprecedented low levels of growth in Medicare
spending, continued savings for seniors citizens
Aug. 1, 2014 - 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. This projection by the Centers for Medicare & Medicaid
Services (CMS) comes on the heels of the 49th anniversary of
the signing of Medicare and Medicaid into law
This news comes after the announcements this week
of continued unprecedented low levels of growth in Medicare spending and
continued savings by seniors and people with disabilities on out of
pocket drug costs.
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
Additionally, an HHS
report found that per capita Medicare spending growth has averaged 2
percent over 2009 2012, and nearly 0 percent in 2013, one-third of the
growth rate over the 2000-2008 period.
The Administration also recently
announced that more than 8.2 million people with Medicare have saved
over $11.5 billion since 2010 on prescription drugs as a result of the
Affordable Care Act, an average of $1,407 per beneficiary. The
Affordable Care Act closes the donut hole over time.
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.
For the last four years for plan years 2011,
2012, 2013, and 2014 the average premium for a Medicare Part D basic
plan has been $30 or $31. This is better than critics of the Affordable
Care Act predicted in 2009 when they claimed that closing the donut hole
would cause premiums to skyrocket.
Todays 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.
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.
To view the >> Part D Base Beneficiary Premium, >> Part D National Average Monthly Bid Amount, >> Part D Regional Low-Income Premium Subsidy Amounts, >> De Minimis Amount, and the >> Medicare Advantage Regional Benchmarks,
click here and then select 2014.
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