Medicare Updates

On November 15, 2007, the U.S. Department of Health & Human Services issued a press release entitled 2008 Open Enrollment for Medicare Part D Prescription Drug Coverage and Medicare Advantage Plans Begins Today.

Some of the highlights of the release include the following:

Medicare beneficiaries will be able to begin making enrollment changes in their health and prescription drug coverage for 2008[.]***The Medicare annual Open Enrollment Period for prescription drug plan runs from Nov. 15 through Dec. 31, 2007. ***

[“]The most recent satisfaction rate stands at 86 percent; the estimated average premium is 40 percent lower than originally estimated and total estimated costs are running $188 billion below initial projections.  Part D is a program that is working well and is helping Medicare beneficiaries with their prescription drug costs.”***

Starting [November 15, 2007], www.medicare.gov also provides beneficiaries with the five-star ratings of the quality and performance of plans that offer Part C and Part D services.  The plan ratings are intended to help people with Medicare choose an MA plan, a Medicare Advantage Prescription Drug Plan (MA-PDP), or a stand-alone Prescription Drug Plan (PDP) by combining cost and coverage information with quality and performance information.*** Part D (prescription drug plans) plans are rated on criteria such as customer service and providing drug pricing information.***

Another focus for this year’s open enrollment period involves signing up beneficiaries eligible for extra help, known as the Low Income Subsidy (LIS), to pay for their drugs. By providing information and enrollment assistance, CMS will encourage them to apply for the extra help and enroll in Part D.  For those LIS-eligible Medicare beneficiaries who may not have enrolled in part D in the past, CMS has announced that it is once again waiving the fee for late enrollment to make it easier to get these individuals the extra help they need.***