Medicare Releases 2014 Part D Costs

The Centers for Medicare and Medicaid Services (CMS) has released the 2014 costs for a standard Part D prescription drug plan.

  • The deductible will drop from $325 to $310.  
  • The average monthly premium remains stable and is projected to be $31. 
  • The discount in the donut hole for brand-name medications will remain at 52.5%. The discount for generic drugs will increase to 28% from 21%. 
  • Medicare has dropped the limit for entering the donut hole (Coverage Gap) from $2,970 to $2,850 and the threshold for getting out of the donut hole is $4,550, down from $4,750.  (The Coverage Gap limits are set by a formula established in the 2003 drug plan law involving the negotiated value of prescription drug costs.)
  • The beneficiary’s cost sharing in the Catastrophic Coverage phase drops from $2.65 to $2.55 for generic drugs and from $6.60 to $6.35 for brand-name medications, or 5% whichever is higher.

If you live in Maine or New Hampshire, and would like to learn more about the new plans available in your area you can use the Contact Me page or call me directly at (207) 370-0143.