Medicare Part D 2020 Updates – Medicare Changes 2020: Medicare Part D
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The Medicare Part D updates are here and here is your sneak peek! One very exciting announcement is with the passing of Obamacare, the Donut Hole (Coverage Gap) will be discontinued in 2020. In this video I will be breaking down the Medicare Part D drug plan updates for 2020 by going over each individual level of the four levels for next year. These levels are The Deductible Level (unless your plan does not have a deductible), The Initial Coverage Level, The Coverage Gap which no longer exists but we will continue to refer to it as the Coverage Gap until another name can be decided and lastly The Catastrophic Coverage Level.
- The new deductible for 2020 is $435. For those of you that have a tier deductible and take a tier 1 (preferred generic) or tier 2 (non-preferred generic), this deductible does not apply. These medications will most likely range from $1.00 to $4.00.
- I call this the Co-Pay Level. Once you meet your deductible, you would pay 25% of the company’s negotiated price for the medication.
- Once you reach $4,020 in drug costs for the year, you would normally go into the Donut Hole. However, because the Donut Hole no longer exists, you will continue to pay only 25% instead of jumping to the 44%.
- Once you and the insurance company reach $6,350 in drug costs, this would bring you to the fourth level of the drug plan called the Catastrophic Level. The government steps in and pays 95% and you would only be responsible for 5% of your cost for medications.
The actual Medicare Part D drug plans have not yet been released for 2020, but as soon as we get those, we will be happy to share those and provide any assistance with those plans. Each Medicare Part D drug plan has a different formulary and cover medications differently based on that formulary so it is important to look at the entire plan and not just the premiums. We are happy to help navigate those plans with you.
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