Art of Insurance Blog
You will want to know if you have enough coverage for the drugs you need. The costs and coverage of the Medicare prescription drug plan will vary from year to year. Here is an overview of what changed in Medicare prescription drug plans that occurred in 2020.
In 2020, prescription drug plans for Medicare Part D would also be cheaper. The expected monthly Part D average premium is $30 in 2020, lower than the $34.70 rate in 2017. 90% of Medicare Advantage programs provide Part D prescription drug coverage.
Apart from the $144.60 Medicare Part B premium required for MA plans, about 75% of these plans do not charge a premium. The average prescription drug premium is $25 for a $0 premium MA-PD package. The prescription drug premium averages at $63 for MA-PD plans with premiums.
The amount you pay for your prescription drugs before your Medicare coverage starts is your annual deductible. Deductibles can vary from plan to plan, and some programs may provide a $0 deductible. Medicare imposes a cap on the deduction, which means plans will not charge you more than the limit. The amount you pay for a year was $415 in 2019 and rose to $435 in 2020.
Bear in mind that specific deductibles may refer only to medications at certain levels, which means that you do not have a deductible if you do not take any drugs at those levels. All deductions for your monthly insurance or drugs at amounts that do not contribute to the deductible are not recorded to meet the deductible.
You hit the coverage gap, also known as the donut hole after your total drug expenditures exceed a certain amount ($4,020 for most plans). The donut hole that closes in 2020 ensures that you will be responsible for 25% of your drugs' cost as you reach the coverage gap. You can still see a difference in price between the original coverage duration and the donut hole, even if the donut hole has closed.
Medicare prescription drug plans in 2020 contain many of the same benefits but also includes a few changes. Be sure that the insurance plan you have is still the best one for you by knowing those changes.
At Art of Medicare, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (702) 776-7726 or Click Here to request a free quote.