2014 Medicare Plan Changes for Open Enrollment on Oct.15.

2014 Medicare Plan Changes for Open Enrollment on Oct.15.

Medicare recipients who want to enroll or change their Medicare health care and Part-D coverage for 2014 will be able to this week from Oct. 15 to Dec. 7. Beginning the 15th seniors can now change any type of Medicare coverage you choose but changes don’t take effect Jan. 1, 2014.  But now is the best time to review your needs.  Reviewing your options earlier rather than later will provide you a better position if you need to make changes.

If you are already enrolled your plan will provide you information about plan changes each fall for the new year. You should review your needs and compare next year’s plan for a possible change in your monthly deductibles, premiums and co-payments. Medicare Supplement providers can also change your prescription drugs coverage by changing tiers or dropped medications from the list of drugs ( formulary). Seniors should check that your plan will continue to offer equivalent medication coverage on your medications and will continue to work with your pharmacy. If you are displeased with your plan or upcoming changes, you can make changes to your coverage during this open enrollment. If you are pleased with your current Medicare plan, consider looking at other or new Medicare choices in your area that may exceed your individual needs for the new year.

Questions to Ask.

  • Have you changed the medications you take?
  • Are your medications still covered on your current plan in 2014?
  • Have you been diagnosed with a new medical diseases or conditions?
  • Has your health care provider situation has changed?
  • Are your plan premiums, co-pays or deductibles increasing?
  • Have you moved or are you planning to move?
  • Is you current plan still available.
  • Does your current Medicare plan no meets your needs?

Changes for 2014.

According to the CMS 2014 plan previews many key prices will be slightly lower then in  2013.  The Part D deductible will fall from $325 to $310.  The Initial Coverage Limit will fall slightly to $2850 from $2,970 in 2013.  For the 4th straight year the Average Medicare Part D monthly premium will remain steady at $31 up $1 over the previous three years. The out of pocket threshold will decline from $4,750 in 2013 to $4,550 for 2014.

In 2014  manufacturer prices for brand-name drugs purchased in the gap will be discounted by 50% with plans paying 2.5% and beneficiaries paying the other 47.5% and plans will pay 28% of the cost for generic drugs in the gap with beneficiaries paying 72%.

In 2014  a total of 1,169 stand-alone Part D prescription drug plans will be offered nationwide, up by 13 percent from 1,031 2013. Citizens of West Virginia and Pennsylvania will have the biggest selection of stand-alone Part D prescription drug plans with 34.   Medicare beneficiaries in Florida will have a choice of 30 prescription drug plans.

Two organizations that were national in 2013 are no longer offered nationally in 2014 as they were purchased by other organizations Coventry Health Care Inc. was purchased by Aetna Inc. and Walgreens formerly RCGM, LLC was purchased by Express Scripts Holding Company. The lowest cost nationally available Medicare Part D plans is by Humana with an average of $12.60 per month premium with plans like Humana Walmart Rx Plan (PDP) by Humana.

Starting Oct 1 the Health Insurance Marketplaces (Obama Care) will start open enrollment for uninsured or under-insured people. The Health Insurance Marketplaces are not for people with Medicare and should not be use to purchase or change their Medicare.

A complete listing of every Medicare Part D plans offered in each state and county can be found with our 2014 Medicare Supplement Plans offering Part D Coverage finder.

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