Q1Group 2016 PDP Analysis: 2016 stand-alone Medicare Part D premiums: The highs and lows

The Centers for Medicare and Medicaid Services (CMS) has released the 2016 stand-alone Medicare Part D prescription drug plan designs and, based on the Medicare Part D plan provider bids, CMS reported that the average 2016 base monthly premium should be around $32.50, up just slightly over the $32 base premium in 2015.

How does the CMS average base premium Medicare Part D premium compare to the actual 2016 stand alone Medicare Part D prescription drug plans (PDPs)?

The lowest 2016 stand-alone Medicare Part D premiums

The stand-alone 2016 Medicare Part D plan with the lowest monthly premium will be the SilverScript Choice (PDP)  offered in Arkansas for $11.40 per month.  In comparison, in 2015, the New Mexico SilverScript Choice plan has the lowest premium of $12.60 per month and this premium will be reduced to $12.00 per month in 2016.

Please note, that although the SilverScript Choice (PDP) has the lowest 2016 premium in a few states, the Humana Walmart Rx plan will continue to be the lowest premium plan in the majority of other states across the country with a monthly premium of $18.40 (up almost $6 from 2014).

The lowest 2016 stand-alone Medicare Part D premium for a plan with a $0 deductible

The Medicare Part D plan with the lowest monthly premium and a $0 initial deductible in most states is (once again) the SilverScript Choice (PDP) plan, with premiums starting at $11.40 per month in Arkansas.

However, the 2016 First Health Part D Value Plus plan is the lowest-premium $0 deductible plan in Alaska ($50.70) and New Jersey ($30.20).

The 2016 stand-alone Medicare Part D premiums with the highest premiums

The 2016 Medicare Part D plan with the highest premium is the Florida BlueMedicare Rx-Option 2 (PDP) at $174.70, up slightly from the 2015 premium of $171.90.

The chart below shows how the Low/High Medicare Part D premiums have varied over the past years (rounded to the nearest dollar value).

For more information, please see our PDP-Facts.com/2016 for Medicare Part D premium highs and lows in your state.

Reminder!
The annual Open Enrollment Period (or Annual Election Period) for Medicare Advantage plans and Medicare Part D drug plans begins on October 15 and continues through December 7, 2015.  Your Medicare plan costs and coverage can change each year.

If you or another Medicare beneficiary needs assistance understanding how your 2015 Medicare plan is changing or to learn more about your 2016 Medicare plan coverage options, please call 1-800-MEDICARE (1-800-633-4227) and speak with a Medicare representative.