Medicare Drug Plan 2007
Medicare has released infomation about 2007 Part D Rx Drug options
Oct 5, 2006
The Centers for Medicare and Medicaid, CMS, has released information about Medicare's 2007 Part D Drug Plan options and premiums.
Open Enrollment
If you are content with your current Medicare Pard D plan you don't have to do anything when Open Enrollment begins November 15. CMS states that their surveys indicate 80% of current beneficiaries are satisfied with the Part D Drug Plan.
However, as the year comes to a close and more and more seniors reach the caps on the coverage and land in the Doughnut Hole, the may have a very different opinion. The plan overall does save seniors money, but once they cap out on the $2500 and have to begin paying large amounts of money out of pocket until they reach the other end of the $3600 gap, it doesn't appear to be such a good plan.
Unexpected Year-End Expenses
Seniors on fixed incomes don't have a lot of opportunities to set aside money for the end of the year medical expenses, and many didn't understand how the plan was to work and are now stuck.
Changes for 2007
Part D plans for 2007 offer some changes that seniors should explore. HHS Secretary, Mike Leavitt says there will be more drugs covered, better help with the gap coverage (Doughnut Hole) and more help from Medicare in helping to choose the Part D plan that best works for each individual.
Better Prices
Due to competition during the bidding process from health plans, cost of coverage has been reduced by an average of 10% for 2007. Monthly premiums are expected to average about $24 per month for seniors who remain in their current plan. Some may see increases, but they have the option to switch plans. Some of the options include plans that will average $20 per month.
Research Your Options!
All seniors are encouraged to research all options utilizing their own drug profile and financial situation. Married couples need to be open to the fact that one plan may be best for one spouse and another plan for the other. In addition to the majority of 2006 options, there will be eight new national organizations offering coverage to Medicare beneficiaries.
Find Out More
More information is available from CMS. You can also read the content of the Press Release from the Department of Health and Human Services.
