CMS NEWS
FOR IMMEDIATE RELEASE
July 29, 2015
Contact: CMS Media Relations
(202) 690-6145 | CMS
Media Inquiries
Medicare
prescription drug premiums projected to remain stable
On the eve of the 50th
anniversary of the signing of Medicare and Medicaid into law, the Centers for
Medicare & Medicaid Services (CMS) projected today that the average premium
for a basic Medicare Part D prescription drug plan in 2016 will remain stable,
at an estimated $32.50 per month.
“Seniors and people with disabilities
are continuing to benefit from stable prescription drug premiums and a
competitive and transparent marketplace for Medicare drug plans,” said acting
CMS Administrator Andy Slavitt. “While this is good news, we must ensure that
Medicare Part D remains affordable for Medicare beneficiaries so that they can
have access to the prescription drugs that they need.”
This news comes despite the fact
that total Part D costs per capita grew by almost 11 percent in 2014, driven
largely by high cost specialty drugs and their effect on spending in the
catastrophic benefit phase. As the Medicare Payment Advisory Commission
(MedPAC) recently reported,
total Medicare payments to plans for reinsurance have grown by more than three
times the pace of premium growth.
However, growth in per-Medicare
enrollee spending continues to be historically low, averaging 1.3 percent over
the last five years. The recent 2015 Medicare Trustees report
projected that the Medicare Trust Fund will remain solvent until 2030, thirteen
years longer than they projected in 2009, prior to passage of the Affordable
Care Act (ACA).
Seniors and people with
disabilities are continuing to see savings on out of pocket drug costs as the
ACA closes the Part D donut hole over time. Since the enactment of the ACA,
more than 9.4 million seniors and people with disabilities have saved
over $15 billion on prescription drugs, an average of $1,598 per
beneficiary.
For the past five years – for plan
years 2011-2015 – the average Medicare Part D monthly premium for a basic plan
has been between $30 and $32. Today’s projection for the average premium for
2016 is based on bids submitted by drug and health plans for basic drug
coverage for the 2016 benefit year and calculated by the independent CMS Office
of the Actuary.
The upcoming annual open enrollment
period – which begins October 15 and ends December 7 – allows people with
Medicare to choose health and drug plans next year by comparing their current
coverage and plan quality ratings to other plan offerings. New benefit choices
are effective January 1, 2016.
To view the Part D Base Beneficiary
Premium, the Part D National Average Monthly Bid Amount, the Part D Regional
Low-Income Premium Subsidy Amounts, the De Minimis Amount, the Part D
income-related monthly adjustment amounts, and the Medicare Advantage Regional
Benchmarks, go to: http://www.cms.gov/Medicare/Health-Plans/MedicareAdvtgSpecRateStats/Ratebooks-and-Supporting-Data.html
and select “2016.”
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