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August 2007 Medicare Part D Newsletter
:: Average Monthly 2008 Medicare Part D Premiums to Increase Slightly
:: New Doughnut Hole Calculators for 2006, 2007, and 2008 Online
:: More Ways for Saving Money in the Part D Doughnut Hole
:: This Month's Frequently Asked Medicare Advantage Plan Question
:: Closing Notes
Average Monthly 2008 Medicare Part D Premiums to Increase Slightly
This week the Centers for Medicare and Medicaid Services (CMS) announced that the average monthly premium for Medicare Part D plans would increase only $3 in 2008. The actual average monthly Part D plan premium was $22 in 2007 (down slightly from the 2006 average premium of $23). The average monthly premium for 2008 is estimated at $25.
Please note that CMS is referring to average monthly premiums actually paid by Part D beneficiaries, whereas the average monthly premium across all Part D plans is generally higher (for instance, the actual average 2006 monthly premium across all Part D plans was $32). The higher value of the average premium across all Part D plans is used to determine the Premium Penalty paid by those who enrolled late in a Medicare Part D plan. In its press release, CMS noted that:
"Approximately 87 percent of beneficiaries enrolled in a stand-alone prescription drug plan (PDP) will have access to Medicare drug plans that cost them the same or less than their coverage in 2007. Thus, the majority of beneficiaries could avoid any premium increase in 2008 by enrolling in a lower-cost stand alone PDP in their region. Moreover, many beneficiaries have access to a Medicare Advantage plan with lower prescription drug premiums. It will be important for beneficiaries to compare their coverage options for 2008 based on overall cost, coverage, and convenience in order to select the plan that best meets their needs."
(CMS Press Release, 8/13/2008)
Click here for the entire CMS Press Release
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New Doughnut Hole Calculators for 2006, 2007, and 2008 Online
Doughnut Hole Calculator Update - Now introducing the new 2006 and 2008 Calculators
In our recent Press Release, we again tried to raise awareness of the looming 2007 Part D Coverage Gap, which, according to our information, should be affecting over 50% of the Medicare Part D beneficiaries. To further help illustrate the Doughnut Hole, we expanded our Doughnut Hole Calculator to include a 2006 and a 2008 Doughnut Hole Calculator.
How does this work? Our online calculator estimations are based on the CMS standard plans for 2006, 2007, and 2008 Part D plans. Actual Part D costs can vary depending on a beneficiary's current Part D plan design. Medicare Part D beneficiaries can first use the 2006 Calculator to compare their expenses and experience from last year with the calculator's estimated costs. The beneficiary can then work with the 2007 Calculator to estimate their costs through the end of this year, taking into account any variations they noted from their 2006 calculations.
More importantly, we hope people will use the 2008 Calculator to start preparing now for next year where there may be no 2008 Part D plans providing complete Doughnut Hole coverage - Click Here to Learn More!.
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More Ways for Saving Money in the Part D Doughnut Hole
Saving Money in the Doughnut Hole
Here are a few suggestions - some well known - for saving money in the Doughnut Hole.
- Generics, Generics, Generics: As noted by CMS: "You may wish to talk to your doctor about the drugs you are currently taking to find out if there are generic, over-the-counter (OTC), or less-expensive brand-name drugs that would work just as well as the ones you're taking now. Cost savings information through the use of mail-order pharmacies, generic or less-expensive brand-name drugs is also available in the Prescription Drug Plan Finder section of www.medicare.gov". Click Here for a List of some Common Generics.
- When you purchase prescriptions could matter: As noted last month., when you purchase your medications determines also when (and if) you go in the Doughnut Hole. And for those already in the Doughnut Hole, when you purchase your prescriptions also determines when you exit the coverage gap. Still not sure? Click Here to Read More
- The Pros and Cons of Filling your Prescriptions Outside of your Part D Plan: Should you buy your medications outside of your Medicare Part D plan when or before you reach the Doughnut Hole? What if you buy medications outside of the country? Click Here to Read More
- Don't Be Shy! Seek help if you are in the Doughnut Hole: There are a number of programs available to help with the extra prescription drug costs. CMS suggests to: Explore National and Community-Based Charitable Programs, Look into Pharmaceutical Assistance Programs, Look at State Pharmaceutical Assistance Programs, Apply for Extra Financial Help. What about taking advantage of Discount Programs at Wal-Mart or Target or the free antibiotic program at Publix? What about local prescription discount programs like the one in Baltimore? Click Here to Read More
If you are still not sure how this all works - we have built an online Doughnut Hole Calculator that will help you understand the Coverage Gap as it applies to your own prescription expenses.
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This Month's Frequently Asked Medicare Advantage Plan Question
Question: What is the difference between a Medicare Part D Prescription Drug Plan and a Medicare Advantage Plan? Does either plan cover all medications in the doughnut hole?
Click Here for the Answer
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Closing Notes
Did you choose the most economical 2007 Part D plan?
Following the CMS slogan "Cost - Coverage - Convenience", did you make the right Part D choice in 2007? Since 2005, we have helped thousands of people choose the most economical Medicare Part D plans. We will be offering our Part D plan analysis or comparison again on a limited basis. We will send a short eMail bulletin early next month describing our Part D plan analysis features and costs
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Last updated on: 07/05/2009
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Life Insurance plays an important role in your families financial stability.
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