2008 Medicare Part D Premiums

Posted by Kathy Quan Aug 28, 2007

The good news for Medicare Part D subscribers is that the projected premium for 2008 is much lower than was originally projected in 2003. The projected premium for 2008 now stands at $25 for basic coverage. In 2003, the projected premium for 2008 was $41.

This is due to the fact that there has been a serious effort for competitive bids by health and prescription drug plans for this Part D medication plan for Medicare beneficiaries. These bids have been much lower than CMS (Centers for Medicare and Medicaid Services) expected when it initially set forth plans for the prescription coverage.

This premium does however, reflect a slight increase from 2007's premium of $22, but this is said to be due to "technical adjustments required by law rather than increased bides," according to CMS.

According to CMS, most Medicare beneficiaries including over 10 million low income beneficiaries are receiving benefits from Medicare's Part D prescription drug plan. Approximately 100 million prescriptions are filled under this plan each month.

Beneficiaries still need to examine plans carefully for their individual needs.