The Cost of Medicare Part D Projected to Decrease in 2018
For the first time in five years, the average monthly premium for Medicare Part D prescription drug coverage is expected to decrease next year.
The average cost of Medicare Part D prescription drug plan is projected to drop to $33.50 per month in 2018, down from $34.70 in 2017. The CMS, Centers for Medicare & Medicaid Services announced the estimated $1.20 monthly cost decrease this week.
The projection for the average Medicare Part D premium for 2018 is based on bids submitted by drug plans for basic drug coverage for the 2018 benefit year and calculated by the independent CMS Office of the Actuary.
The projected decline in the average Medicare Part D premium is the result of bids that drug plans have submitted for 2018. CMS attributes these lower bids to increased pharmaceutical manufacturer rebates and other price concessions the plans are receiving. CMS expects to release actual premiums and costs for 2018 in mid-September. As a reminder, Medicare’s open enrollment period begins Oct. 15 and closes Dec. 7.
Medicare offers prescription drug coverage to everyone with Medicare. To receive this coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Please note that the actual drug plan costs will vary depending on the drugs being used and the plan chosen. The provider network and formulary, list of approved medications that will be covered, also affect the drug plan.
We encourage you the find the right plan by speaking to our Medicare specialist, Jake Stair. At MLJ Insurance we are always happy to assist you! Give us a call at 303-667-7123 or schedule a phone appointment through Jake’s online calendar.