The 2016 average monthly Medicare Part D premium is expected to remain stable at $32.50, a figure lower than originally estimated, according to data released by the Centers for Medicare & Medicaid Services (CMS) on Wednesday.
"The popular Part D program continues to be a bright spot in American health care,” Mark Merritt, president and CEO of the Pharmaceutical Care Management Association, said. “By offering an abundance of competing choices in each region and using cutting edge, cost-saving tools like pharmacy networks and home delivery, the program is a win-win for both seniors and taxpayers."
Although the data shows premiums are expected to remain stable, total Part D costs per capita grew by almost 11 percent in 2014, driven by high-cost specialty drugs and their effect on spending in the catastrophic benefit phase.
“Seniors and people with disabilities are continuing to benefit from stable prescription drug premiums and a competitive and transparent marketplace for Medicare drug plans,” acting CMS Administrator Andy Slavitt said. “While this is good news, we must ensure that Medicare Part D remains affordable for Medicare beneficiaries so that they can have access to the prescription drugs that they need.”
PCMA represents pharmacy benefit managers in the United States who improve affordability and quality of care through the use of electronic prescribing, generic alternatives, mail-service pharmacies, and other innovative tools for more than 216 million Americans.