HHS Secretary Mike Leavitt announced that more than 90 percent of Medicare beneficiaries in a stand-alone Part D prescription drug plan (PDP) will have access to at least one plan in 2008 with premiums lower than they are paying this year. The open enrollment period for 2008 begins Nov. 15th and ends Dec. 31st.
In every state, beneficiaries 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. 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," Secretary 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.
People in Massachusetts should be aware that Prescription Advantage has open enrollment all year round. This program provides Massachusetts residents 65 years and older who qualify additional assistance.
Details about the specific plans available in every region will be released in mid-October. 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
- SHINE counselors at Somerville-Cambridge Elder Services can help. Call 617-628-2601 ext. 3151
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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