Medicare Open Enrollment began on October 15 and will end on December 7. The Centers for Medicare & Medicaid Services (CMS) is encouraging people with Medicare to review their current health and prescription drug coverage options for 2015.
CMS stated that in 2015 the steadily increasing quality of plans should give seniors confidence that they have an array of quality choices at competitive prices. According to the agency, 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.
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 over 16 million and Medicare Advantage premiums will have decreased by six 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.
Because Medicare plans coverage options and costs can change each year, CMS recommends that Medicare beneficiaries should evaluate their current coverage and choices, and select the plan that best meets their needs. However, 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, visit the CMS website.