Based on the recently released 2013 Medicare Part D prescription drug plan information from the Centers for Medicare and Medicaid Services (CMS), you can expect to find about the same number of stand-alone (or prescription only) Medicare Part D plans offered in your area next year. The average number of stand-alone 2013 Medicare Part D plans offered in each region remains at 31 plans, the same as in 2012. However, the companies offering these Medicare plans have changed with Medicare Part D plans no longer being offered by BravoRx, HealthNet, or CCRx.
You may see an increase in your 2013 monthly plan premiums. In fact, based on enrollment or plan popularity, about 83% of the people enrolled in a Medicare Part D plan will see an average monthly premium increase of around $4.00 per month – that is, if these people stay with their current 2012 prescription drug plan into 2013 instead of enrolling into another, more affordable Medicare Part D plan. However, as noted in our PDP-Facts and the recent Medicare press release, most people will have access to a lower costing 2013 Medicare Part D plan or a Medicare Advantage plan that provides prescription coverage.
In 2013, you may also notice a few more 2013 Medicare Part D plans offering some type of Donut Hole or gap coverage - for lower monthly premiums as compared to the same plans this year. As in past years, no 2013 Medicare Part D plan offers complete Donut Hole coverage. However, now that we have the Donut Hole Discount, most seniors will still be able to save some money if they enter the 2013 Coverage Gap portion of their Medicare Part D plan with a 52.5% brand-name drug discount and 21% generic drug discount.
For seniors and other Medicare beneficiaries qualifying for the full Low-Income Subsidy (LIS) or Extra Help program, a generous number of Medicare prescription drug plans qualifying for the $0 monthly premium will be offered in most states. Yet, residents of 20 states, including Florida and Nevada, will find fewer LIS-qualifying 2012 Medicare Part D plans. Please remember that, if you are a Medicare beneficiary receiving financial Extra Help, you may need to move to a new Medicare Part D plan in 2013 to receive this $0 premium benefit.
Bottom Line: As in past years, you may be able to reduce the cost of your 2013 prescription drug coverage by reviewing your Medicare Part D plan options. Your current 2012 Medicare plan will provide you with an Annual Notice of Change letter later this month – and you will have plenty of time to study your options before the start of the Annual Enrollment Period (or AEP) on Monday, October 15th that will continue through Friday, December 7.
Looking for more details?You can find an interactive summary of the 2013 Medicare Part D prescription drug plans on both a national and state-by-state level on this site.
Our stand-alone 2013 Medicare Part D prescription drug plan finder (or PDP-Finder) is also online and provides a basic overview of all Medicare Part D plans available in your state. We will be updating the PDP-Finder with more plan coverage information as it becomes available. You can click here to go directly to our 2013 PDP-Finder and begin by choosing your state to see all plans or you may wish to narrow your search by selecting specific plan features in the search box. Our PDP-Finder can also be found directly at: PDP-Finder.com/2013.
If you would like an overview of how individual Medicare Part D plans will change in 2013, see our PDP-Compare.com/2013. Just begin by choosing your state and select any features you would like if you want to narrow your search. As with our PDP-Finder, we will be updating our PDP-Compare tool with more coverage details as the information becomes available. To get you started, you can click here for an example of how all Medicare Part D plans are changing in Texas (again, just change the state in the dropdown-box to your state).