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….
What a pain. What a hassle. I love choices, but I hate having to compare medical insurance benefits. Makes my brain hurt. But, if I want to save money, I’m going to have to make my brain hurt.
I was just thinking about how close fall is now that we’re in the month of August… looking at some photos of winter this morning (featured photo taken 3/1/2015). There’s beautiful light in the winter time. (Plus Halloween and Easter candy!) I can’ wait. But I wasn’t thinking about what that time of year means for medical insurance renewals…
However, summer isn’t over yet. 🙂
(Photo taken 7/22/2015.)