What Is New In Medicare Part D In 2018?
If you have Medicare Part D (i.e. prescription drug insurance) or policy to enroll in a separate Medicare Part D prescription drug policy, you may be interested in several trends related to costs in 2018.
The Medicare Part D premium may decrease
In their August 2017 press release, the Centers for Medicare and Medicaid Services announced that they expect a slight decrease in the average monthly Medicare Part D premium for 2018. The premium for Part D of Medicare 2018 is estimated by CMS to be at an average of $ 33.50 per month, compared to $ 34.70 per month as reported in 2017. This premium reduction will be the first since 2012 for Medicare Part D. However, keep in mind that your independent Medicare Part D in 2018 may not be $ 33.50 per month. This is because the premiums depend on where you live, the policy you choose, and whether you qualify for the payment of your Part D premium.
Deductible limits from Medicare Part D to $ 405
Individual Medicare Part D policies for prescription drugs can charge an annual deductibles. The federal government sets a deductible for Medicare Part D every year. By 2018, a Medicare Part D policy cannot impose a deductible of more than $405, which is $5 more than the maximum deductible for Medicare 2017. Bear in mind that many independent Medicare Part D prescription drug policies do not set the maximum deductible, i.e. $ 405 by 2018. Some policies have a lower deductible. Other policies may not have a deductible.
The insurance gap in Medicare Part D shrinks
If the total cost of your prescription attains a given amount, which the federal government sets each year, you pay more for your prescriptions. This is the Medicare Part D insurance gap, also known as the “uninsured period.” If you and your policy spent $ 201 in prescription drug costs, you are in the insurance gap. (That’s $ 50 more than 2017). Visit www.medisupps.com/medicare-supplement-plans-2019/ to enroll in a medicare supplement plan to plan for the future.
At this point, you pay 35% of the cost of brand name prescription drugs and 44% of the cost of generic drugs until the total cost of your insured drug is $ 5,000 (i.e. $ 50 greater than the amount of 2017). If you reach this limit, you will pay a small amount for your insured prescription drugs for the rest of the year. The Medicare Part D insurance gap has been reduced every year since Congress passed the Affordable Care Act in 2010. The pension gap will close in 2020.
What does Medicare Part D insure?
Medicare Part D helps in the treatment of prescription drugs. Each policy has its own formulas or a list of medications that the policy insures, so not all policies necessarily insure the same medications. The formulas of a policy can change at any time. If necessary, you will receive a notification from your policy. Each fall, your Medicare Part D prescription drug policy will provide you with an annual insurance statement that will tell you about any changes in next year’s insurance.