The Centers for Medicare & Medicaid Services (CMS) recently released information about the Medicare Part D stand-alone prescription drug plans (PDPs) that will be available in 2014.1 Of the 36 million beneficiaries enrolled in Part D plans, about 63 percent (22.7 million) are in PDPs; the others are enrolled in Medicare Advantage drug plans.2 This Medicare Part D Spotlight provides an overview of the 2014 stand-alone PDP options and key changes from prior years.3
Summary of Key Findings
Medicare Part D continues to be a marketplace with an array of competing plans offered at a wide range of premiums and benefit designs.
- In 2014, Medicare beneficiaries will have a choice of 35 stand-alone PDPs, on average, up by four from 2013. The average premium (weighted by enrollment) is expected to increase by 5 percent across all PDPs from 2013 to 2014 unless many new or current enrollees select lower-priced plans. As in prior years, the average monthly premium for 2014 masks a significant amount of variation across plans. Enrollees in two of the most popular PDPs will experience 50-percent premium increases if they stay in the same plans in 2014, while enrollees in three other popular PDPs will see lower premiums. Read more