In a CMS press released dated July 29, 2020, the average Medicare Part D premium for seniors will be approximately $30.50 in 2021. This low Part D premium is the same price from 2013. For example, Robert Bache quotes a 2013 monthly premium of $29.10 for Medicare Part D in Salt Lake County, Utah.
Medicare Part D Premium will be lower in 2021. According to ‘2020 Medicare Costs‘, Medicare Prescription drug plans (Part D) national base premium is $32.74. You will save an average of $2.24 per month on prescription drug costs in 2021. Moreover, the Trump Administration is lowering the price of life-saving insulin.
Medicare Copay Cap on Insulin
On March 26, 2020, CNN reports President Trump announced a plan to reduce the price of insulin for people on Medicare. Trump said seniors on Medicare would be able to get prescription plans that cap copay costs for insulin. Furthermore, seniors can access various insulin types at no more than a copay of $35 for a month’s supply. Trump said:
Today, I’m proud to announce that we have reached a breakthrough agreement to dramatically slash the out-of-pocket cost of insulin.
Part D Senior Savings Model
Earlier in 2020, CMS launched the Part D Senior Savings Model. It allows you to choose a plan that provides access to a broad set of insulins at a maximum of $35 copay for a month’s supply. You can select these Part D plans during the 2020 open enrollment period. Starting October 15 through December 7, you can purchase a plan and save an average of $446 per year (66%) of your insulin out-of-pocket costs.
Furthermore, there are over 1,600 standalone Medicare Part D and Medicare Advantage Plans you can choose. These Medicare plans are available nationwide. Senior Healthcare Direct can help you shop and compare Medicare plans. To get the best price, call 1-855-368-4717 or get your quote.