CMS announces average Part D premium for 2021

The average basic premium for Medicare Part D prescription drug plans will be $30.50 next year, according to CMS

The agency also said that Medicare beneficiaries will for the first time be able to choose prescription drug plans that include broad sets of insulin priced at no more than $35 per month, per prescription. 

Earlier this year, CMS launched its Part D senior savings model, which caps monthly insulin copays at $35. The agency predicts the program will save beneficiaries an average of $446 per year. 

CMS said that Part D premiums have decreased by 12 percent since 2017, and enrollment has increased by 16.7 percent during the same time period. 

Read CMS' full news release here

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