Medicare Issues Projected Drug Premiums for 2018

CMS reports the average 2018 monthly premium for a basic Part D prescription drug plan will be reduced by $1.20 to $33.50.

In addition to the monthly premium other Part D variables Medicare beneficiaries should compare are:

  • Plan Formulary – not all plans are alike. Check and confirm your medication is included in the list of covered drugs.
  • Tier Levels – competing plans may list the same covered drugs however may assign different tier levels with higher or lower copays.
  • Deductible – Like with your car insurance, this is the amount you pay before the Part D plan benefits begin. Some plans apply a deductible to all drugs, other plans apply only to certain tier levels.
  • Preferred pharmacy or Mail Order – some plans negotiate lower retail and copay costs with national retail or Mail Order pharmacies.

Extra Help for Part D plan premium, deductible and copay amounts is available to individuals meeting income and resource levels. 

https://www.cms.gov/Newsroom/MediaReleaseDatabase/Press-releases/2017-Press-releases-items/2017-08-02-3.html

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About Daniel G. Alcorn
My financial services career began in the late 70's in New Hampshire. My career path includes 19 years in Vermont where I served as Senior Vice President of the state's largest commercial bank. I relocated to New York's Capital Region in 2003 where I now enjoy helping individuals and families with their Life, Medicare and Long Term Care insurance decisions. Let's connect online at www.linkedin.com/in/dgalcorn and https://www.facebook.com/DGAlcorn.Associates/

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