In case you were too busy barbecuing and chasing grandkids this summer to monitor the latest on Medicare (and who could blame you?), the Centers for Medicare & Medicaid Services (CMS) recently made announcements about Medicare premiums for the Part D prescription drug program and Medicare Advantage (if you choose that option).
CMS projects average monthly premiums for Medicare Part D will remain stable in 2016 at around $32.50 a month. They also project Medicare Advantage premiums will remain stable around $32.60 per month in 2016. CMS credits a transparent and competitive marketplace for helping to keep premiums low.
What does that mean for you? You can breathe easy knowing that your monthly premium costs to cover medications or a Medicare Advantage plan may be about the same as it was last year, and you will have a variety of plans to choose from with different coverage options and premium costs to fit your needs. Another reason to be thankful for a competitive structure within Medicare.
As you already know, fall is an important time for seniors to think about their health. During open enrollment, we will be providing all the information you need to make critical decisions about your needs and coverage. Premiums are only the tip of the iceberg when it comes to cost factors you need to consider when choosing a plan, but don’t worry – we’re here to help.