What will people with Medicare Part D pay for their prescription drug plans in 2021?
This outlines what people with Medicare will pay for prescription coverage in each phase, including:
- A deductible of up to $445 (varies by plan).
- 25% of the costs of their prescription drugs in the initial coverage period (or up to $1,032.50 if in a plan with no deductible).
- Up to a total of $6,550 out-of-pocket before the beneficiary reaches the catastrophic benefits period. Once they hit this threshold, the Medicare beneficiary will pay either 5% coinsurance or $3.70 copay for generic medications, and $9.20 for brand-name drugs.
There are many variables, but these are the basics. Having a knowledgeable and trustworthy advisor will absolutely provide benefits including cost savings and ensuring proper coverage. An incorrect choice of drug plan can have major consequences to your health and finances. Contact us if you have any questions!
View the chart below: