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Medicare News
Nine of Ten Senior Citizens Can Choose Lower Cost
Medicare Drug Plan in 2008
Enrollment change period opens Nov. 15, ends Dec. 31
with chance to lower drug plan cost
 Oct.
1, 2007 – When the open enrollment period opens for Medicare on Nov. 15,
over 90 percent of senior citizens with stand-alone Part D prescription
drug plans (PDP) will be able to choose at least one plan for 2008 with
monthly premiums lower than they are paying now.
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Additionally, beneficiaries in every state will
have access to at least one prescription drug plan with premiums of less
than $20 a month, and a choice of at least five plans with premiums of
less than $25 a month, according to the announcement made by Health and
Human Services Secretary Mike Leavitt last Thursday.
The national average monthly premium for the basic
Medicare drug benefit in 2008 is projected to average roughly $25.
“The 2008 options show that beneficiaries will
continue to enjoy excellent value and choice in the Medicare
prescription drug program,” Leavitt said.
“The benefit continues to receive high marks from
people who participate in the program. The actual average premium paid
by beneficiaries for standard Part D coverage in 2008 is expected to be
nearly 40 percent lower than originally projected when the benefit was
established in 2003.
“Moreover, our data show that the Medicare
prescription drug benefit is saving seniors an average of $1,200 a
year.”
Beneficiaries who qualify for extra help through
Medicare’s Low-Income Subsidy (LIS) will also have a range of options
available for comprehensive coverage. Those who qualify for the full
Medicare subsidy will pay no premiums or deductibles in these plans.
“We want to give every Medicare beneficiary who is
eligible for extra help the opportunity to enroll in the Part D
benefit,” said Centers for Medicare & Medicaid Services (CMS) Acting
Administrator Kerry Weems.
“That’s why in 2008, CMS will maintain for
low-income subsidy eligible beneficiaries the same exemption from the
late enrollment penalty as in 2007. Eligible beneficiaries can enroll
in a Medicare prescription drug plan with no penalty through Dec. 31,
2008,” added Weems.
In 2008, 17 organizations will offer stand-alone
prescription drug plans nationwide (in all 50 states plus Washington,
D.C.). Beneficiaries will have a wide range of plans to choose from that
have zero deductibles, some of which also offer other enhanced benefits,
such as reduced deductibles and lower cost sharing. There also are
options that cover generic drugs in the coverage gap for as low as
$28.70 a month. Nationwide, beneficiaries in any state can obtain a
plan with coverage in the gap for generic drugs for under $50 a month.
Beneficiaries will continue to have access to
Medicare Advantage health plans that offer lower premiums and enhanced
drug coverage. The premiums for Medicare Advantage plans with
prescription drug coverage (MA-PDs) continue to be lower than premiums
for PDPs. On average, in 2007, the MA-PD premiums prior to rebates are
about $7 lower than those for PDPs. In 2008, they will average $11
lower. Further, over 90 percent of people with Medicare will have
access to a MA-PD for a $0 premium and with a $0 drug deductible.
The Medicare prescription drug benefit continues to
enjoy widespread popularity among people with Medicare. Surveys continue
to show that upwards of 80 percent of Medicare beneficiaries are
satisfied with their current coverage.
Details about the specific plans available in
every region will be released in mid-October.
The open enrollment period for 2008 begins Nov. 15
and ends Dec. 31.
Beneficiaries who want to review their current
coverage as well as the other options available to them will have access
to information and assistance from many sources including:
●
A notice of any coverage changes from their current prescription
drug plan, coming by Oct. 31st;
● The enhanced
Medicare Drug Plan Finder, available in mid-October; |
● Toll free
information available 24/7 at 1-800-MEDICARE (1-800-633-4227);
● The annual
Medicare & You 2008 handbook that explains Medicare coverage, to be
mailed in October; and
● Local
organizations such as the State Health Insurance Assistance Programs and
thousands of other Medicare partner organizations that will provide
personalized assistance throughout the fall.
The list of national stand-alone prescription drug
plans and state specific fact sheets can be found at:
http://www.cms.hhs.gov/center/openenrollment.asp
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