WP_Hook Object ( [callbacks] => Array ( [0] => Array ( [000000000061e77c000000005cf5ea5dfront_page_specific_init] => Array ( [function] => Array ( [0] => RankMath\Frontend\Head Object ( )[1] => front_page_specific_init )[accepted_args] => 1 ))[1] => Array ( [wp_enqueue_scripts] => Array ( [function] => wp_enqueue_scripts [accepted_args] => 1 )[wp_post_preview_js] => Array ( [function] => wp_post_preview_js [accepted_args] => 1 )[000000000061e77c000000005cf5ea5dhead] => Array ( [function] => Array ( [0] => RankMath\Frontend\Head Object ( )[1] => head )[accepted_args] => 1 ))[5] => Array ( [000000000061e092000000005cf5ea5dinsert_opengraph] => Array ( [function] => Array ( [0] => TIELABS_OPENGRAPH Object ( )[1] => insert_opengraph )[accepted_args] => 1 ))[8] => Array ( [wp_print_styles] => Array ( [function] => wp_print_styles [accepted_args] => 1 ))[9] => Array ( [wp_print_head_scripts] => Array ( [function] => wp_print_head_scripts [accepted_args] => 1 ))[10] => Array ( [locale_stylesheet] => Array ( [function] => locale_stylesheet [accepted_args] => 1 )[_custom_logo_header_styles] => Array ( [function] => _custom_logo_header_styles [accepted_args] => 1 )[wp_oembed_add_discovery_links] => Array ( [function] => wp_oembed_add_discovery_links [accepted_args] => 1 )[wp_oembed_add_host_js] => Array ( [function] => wp_oembed_add_host_js [accepted_args] => 1 )[taqyeem_wp_head] => Array ( [function] => taqyeem_wp_head [accepted_args] => 1 )[000000000061e0eb000000005cf5ea5dx_ua_compatible] => Array ( [function] => Array ( [0] => TIELABS_FILTERS Object ( )[1] => x_ua_compatible )[accepted_args] => 1 )[000000000061e080000000005cf5ea5dset_post_views] => Array ( [function] => Array ( [0] => TIELABS_POSTVIEWS Object ( )[1] => set_post_views )[accepted_args] => 1 )[TIELABS_STYLES::custom_head_code] => Array ( [function] => Array ( [0] => TIELABS_STYLES [1] => custom_head_code )[accepted_args] => 1 )[TIELABS_STYLES::meta_android_color] => Array ( [function] => Array ( [0] => TIELABS_STYLES [1] => meta_android_color )[accepted_args] => 1 )[TIELABS_STYLES::meta_viewport] => Array ( [function] => Array ( [0] => TIELABS_STYLES [1] => meta_viewport )[accepted_args] => 1 )[OneSignal_Public::onesignal_header] => Array ( [function] => Array ( [0] => OneSignal_Public [1] => onesignal_header )[accepted_args] => 1 )[amp_add_amphtml_link] => Array ( [function] => amp_add_amphtml_link [accepted_args] => 1 ))[20] => Array ( [TIELABS_STYLES::insert_external_fonts_head] => Array ( [function] => Array ( [0] => TIELABS_STYLES [1] => insert_external_fonts_head )[accepted_args] => 1 ))[99] => Array ( [wp_site_icon] => Array ( [function] => wp_site_icon [accepted_args] => 1 )[000000000061e02b000000005cf5ea5dadd_attributes] => Array ( [function] => Array ( [0] => RankMath\Image_Seo\Add_Attributes Object ( [is_alt] => %filename% [is_title] => %title% %count(title)% )[1] => add_attributes )[accepted_args] => 1 )[000000000061e0ce000000005cf5ea5dadd_attributes] => Array ( [function] => Array ( [0] => RankMath\Frontend\Link_Attributes Object ( [add_noopener] => 1 [nofollow_link] => 1 [nofollow_image] => 1 [new_window_link] => 1 )[1] => add_attributes )[accepted_args] => 1 )[000000000061e0cf000000005cf5ea5dadd_attributes] => Array ( [function] => Array ( [0] => RankMath\Frontend\Comments Object ( )[1] => add_attributes )[accepted_args] => 1 ))[101] => Array ( [wp_custom_css_cb] => Array ( [function] => wp_custom_css_cb [accepted_args] => 1 )))[iterations:WP_Hook:private] => Array ( )[current_priority:WP_Hook:private] => Array ( )[nesting_level:WP_Hook:private] => 0 [doing_action:WP_Hook:private] => )
Medicare

Medicare Part D Drug Plans 2020

Story Highlights
  • Medicare Part D Coverage
  • Medicare Part D Prices for 2020
  • Medicare Advantage Prescription Drug Plans

Medicare has been the most affordable health insurance for a number of years. Those who are eligible for Medicare can take advantage of its benefits. Whether you have a standalone Part A and B or a Medicare Advantage Plan, prescription drugs are easy to obtain for Medicare beneficiaries.

Part D is what makes up Medicare’s prescription drugs. It can be purchased as a standalone plan if you have Part A and B or it can be included in a Medicare Advantage Plan. Given that Medigap plans no longer cover prescription drugs for many years, Part D has become more attractive than ever.

Getting Part D on your existing Medicare coverage is simple and easy. You just need to get in touch with your insurance provider and report to Medicare. In 2020, we expect Part D premiums to cost about $40. This is just an estimate and it can be significantly high or less depending on your plan.

One thing that you need to know about Part D beforehand is the deductible and its phases which are detailed in the rest of the article.

Deductible and Phases of Medicare Part D Prescription Drug Plan

There is a set deductible amount for Part D. Your insurance provider can make the deductible less than the set amount but it can’t be more. Part D deductible for 2020 is set to be $435 for the remainder of the year. While some plans waive off the deductible for good, it can be a partial deductible. This again depends on your Medicare Part D plan.

Four Stages of Medicare Part D

1. Deductible — You’ll pay the full negotiated price for all of your covered prescription drugs till your deductible is met. After your deductible is met, you’ll enter the initial coverage.

2. Initial Coverage — After the deductible, your insurance company will help you pay your prescription drugs. The payments you make will be either copayment or coinsurance. This will go on until both you and your insurance pay a total of $4,020 in covered prescription drug costs.

3. Coverage Gap — The initial coverage puts in coverage gap also known as donut hole. Upon reaching the $4,020, you’ll only pay 25% of the retail cost of your covered prescription drugs.

4. Catastrophic Coverage — If you paid a total of $6,350 in out of pocket costs, the catastrophic coverage will begin. This goes for all Part D plans regardless of where you get your plan. You will only pay a small fraction of your covered prescription drug costs. Your insurance provider can cover the costs by up to 95%.

Your costs like the deductible, the total amount paid during initial coverage and full costs of brand-name drugs all help you reach catastrophic coverage faster.

Where can you get Part D plans?

Deductible and Phases of Medicare Part D Prescription Drug Plan

A wide range of health insurance providers all have Medicare plans. Since the number of Medicare beneficiaries are on the rise and it is projected to hit 50 million in the next decade, more insurance providers are expanding their coverage through Medicare. You can get Medicare plans from pretty much any insurance provider that you like.

The only requirement for purchasing Part D is to have Part A and B. Assuming you’re over 65 and paid Medicare taxes for more than 40 quarters, the cost of Part D shouldn’t be a burden on your shoulders.

Also, if you’re an AARP member, you can get better prices for Part D.

Part D with Medicare Advantage Plans

The Medicare Advantage Plans with prescription drug coverages are called Medicare Advantage Prescription Drug plans also known as MA-PD. You can add Part D later on to your existing Medicare Advantage Plan with no issues at all. If you have supplemental Medicare (Medigap), on the other hand, you can also add Part D on your plan.

Once you are opt-in for Part D, every detail will be shown on your CMS Medicare Bill so you can keep track of your spendings for prescription drugs. We recommend keeping your bills since you should always calculate your spendings to see which phase is coming closer so you can handle your finances better.

Show More

Deborah Ann

Deborah writes everything from federal tax law to local governments. Her writings cover a broad range of government topics. With a little bit of seriousness to the words, everything is simplified to Futufan readers.
Back to top button
Close