Q1Group 2017 PDP Analysis: 2007 to 2017 stand-alone Medicare Part D premiums - The highs and lows

The Centers for Medicare and Medicaid Services (CMS) has released the 2017 stand-alone Medicare Part D prescription drug plan (PDP) designs and, based on the Medicare Part D plan provider bids, CMS reported that the average 2017 base monthly premium should be around $31.40, a slight decrease over the $32.59 base premium in 2016.

How does the CMS average base premium Medicare Part D premium compare to the actual 2017 stand-alone Medicare Part D prescription drug plans (PDPs)?

The lowest-costing 2017 stand-alone Medicare Part D premiums

The stand-alone 2017 Medicare Part D plan with the lowest monthly premium will be the EnvisionRxPlus (PDP) at $14.60 per month in many states.  In comparison, this year, the 2016 Arkansas SilverScript Choice plan has the lowest premium of $11.40 per month and this premium will increase to $15.70 per month in 2017.

Please note, that although the EnvisionRxPlus (PDP) has the lowest 2017 premium in nineteen (19) states, the Humana Walmart Rx plan will continue to be the lowest premium plan in all other states across the country with a monthly premium of $17.00. (Except as noted above in Arkansas where SilverScript Choice is the least expensive plan).

The lowest-costing 2017 stand-alone Medicare Part D premium for a plan with a $0 deductible

The 2017 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 $15.70 per month in Arkansas.

However, the 2017 First Health Part D Value Plus plan is the lowest-premium $0 deductible plan in Alaska ($59.80), Hawaii ($34.90), and New Jersey ($35.90).

The 2017 stand-alone Medicare Part D premiums with the highest-costing premiums

The 2017 Medicare Part D plan with the highest premium is the Colorado Anthem Blue MedicareRx Premier (PDP) at $179.00, up from the 2016's premium of $140.20.

The chart below shows how the Low/High Medicare Part D premiums have varied over the past years.

For more information, please see our PDP-Facts.com/2017 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, 2016.  Don't forget that your Medicare plan costs and coverage can change each year - so be sure to ensure that you have chosen the most economic healthcare coverage.

If you or another Medicare beneficiary needs assistance understanding how your 2016 Medicare plan is changing or to learn more about your 2017 Medicare plan coverage options, please call 1-800-MEDICARE (1-800-633-4227) and speak with a Medicare representative.