Posted on Friday, October 16, 2015 2:22 PM
CMS announced the beginning of the Medicare Open Enrollment period, where people with Medicare can shop for a Medicare Advantage (MA) or Prescription Drug Plan (PDP) for 2016. The Medicare Open Enrollment period happens each year from October 15th – December 7th. Medicare beneficiaries will have access to more plans with high-star quality ratings around the same or lower costs in 2016. “The basic Medicare PDP premium in 2016 will remain stable at $32.50 per month, while the average MA premium will decrease to an average of $32.91.” Additionally, approximately 49% of 2016 MA plans and 41% of PDPs earned 4 stars or higher in their 2016 overall star rating. Because of the Affordable Care Act, people with Medicare are seeing reduced costs on covered brand-name and generic drugs. Beneficiaries are encouraged to visit Medicare.gov to search for a plan that is right for them. They can compare costs, premiums and star ratings for 2016 MA health and drug plans. For those Medicare beneficiaries who are satisfied with their current coverage and feel it will meet their needs for 2016, they do not need to do anything. Those with original Medicare are eligible to shop for a health or drug plan; or, individuals with a MA health plan may use the Open Enrollment period to switch to original Medicare. Click here to learn more.
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