The Centers for Medicare & Medicaid Services (CMS) announced the start of the Medicare Open Enrollment, which begins today, October 15 and ends December 7. CMS encourages people with Medicare to review their current health and prescription drug coverage options for 2015.
For 2015, Medicare Advantage and the Part D Prescription Drug Program continues to be attractive to most seniors. About 60 percent of Medicare Advantage enrollees are currently enrolled in plans with four or more stars for 2015, in contrast to an estimated 17 percent in 2009. And Medicare Advantage enrollment is projected to be at an all-time high in 2015 with more than 16 million beneficiaries.
CMS calculates star ratings from 1 to 5 (with 5 being the best) based on quality and performance for Medicare health and drug plans to help beneficiaries, their families, and caregivers compare plans. CMS is allowing 5-star Medicare health and prescription drug plans to enroll beneficiaries at any time during the year.
“It’s important that seniors should take this time to review their plans to make sure they are the best choice for their situation. Thanks to the Affordable Care Act, seniors and people with disabilities are benefiting from improved quality in Medicare health and drug plans at competitive prices,” said CMS Administrator Marilyn Tavenner. “With this improved quality, Medicare health and drug plan enrollees will receive improved care and coverage in a timely manner.”
CMS announced last month that the average Medicare Advantage (MA) premium for 2015 is projected to be $33.90. Earlier this year, CMS estimated that the average basic Medicare prescription drug premium plan in 2015 was projected to be $32 per month. Since the passage of the Affordable Care Act, enrollment in Medicare Advantage will increase to 42 percent to an all-time high of over 16 million and Medicare Advantage premiums will have decreased by 6 percent. The law is also closing the Medicare Part D “donut” hole, with more than 8.3 million people saving over $12 billion on prescription drugs through July 2014.
Medicare plans coverage options and costs can change each year, and Medicare beneficiaries should evaluate their current coverage and choices, and select the plan that best meets their needs. If people with Medicare are satisfied with their current coverage and feel it will meet their needs for 2015, they to do not need to do anything.
For more information on Medicare Open Enrollment and to compare benefits and prices of 2015 Medicare health and drug plans, and view state-by-state fact sheets, please visit:www.cms.gov/Center/Special-Topic/Open-Enrollment-Center.html.