Art of Medicare
  • Home
  • Learn About Medicare
    • Medicare Advantage Plans
    • Medicare Supplement Coverage
    • Medicare Prescription Drug Plan
  • About
    • Contact Us

Art of Medicare Blog

An Overview of Changes in Medicare Prescription Drug Plans

1/25/2021

1 Comment

 
Picture
​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.
Monthly Premiums
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.

Annual Deductibles
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.

Donut Hole
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.

Conclusion
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. 
1 Comment
medicare providers in pennsylvania link
10/3/2021 10:34:13 pm

Great deals of important information and the articles are great.
I am bookmarking it for future reference and consultation. Many thanks for sharing! 🙂

Reply



Leave a Reply.

    Contact Us

    (702) 776-7726
    8524 Del Webb Blvd 
    Las Vegas, NV 89134
    Click Here to Email Us

    Archives

    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    July 2020

    Categories

    All
    FAQs
    Financial
    Insurance
    Local
    Medicare Advantage Plans
    Medicare Supplement Insurance
    Safety

    RSS Feed

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login

Connect With Us

Share This Page

Contact Us

Art of Medicare
8524 Del Webb Blvd 
Las Vegas, NV 89134
(702) 776-7726
Click Here to Email Us

Location

Website by InsuranceSplash
  • Home
  • Learn About Medicare
    • Medicare Advantage Plans
    • Medicare Supplement Coverage
    • Medicare Prescription Drug Plan
  • About
    • Contact Us