Medicare Part D does not have a cost that’s set in stone. The premium is different for every policy, but the standard premium is $33.06. Your Part D premium may be a slightly smaller or larger amount.
Medicare Part D Deductible
Just like how Medicare Part D policies vary in how much their monthly premiums are, not every yearly deductible is the same.
In 2021, Medicare Part D deductibles do not go beyond $445 but can be as low as $0.
Medicare Part D Premium
While the premium itself varies, the amount added to it doesn’t. Your earnings reported on your 2019 income tax return can change how much you pay.
You don’t have any expenses added to your premium if you’re filing:
- Individually and income is less than $88,000
- Jointly and income is less than $176,000
- Married and separate, and income is less than $88,000
You pay an extra $12.31 per month if filing:
- Individually and income is over $88,000 and up to $111,000
- Jointly and income is over $176,000 and up to $222,000
You pay an extra $31.80 per month if filing:
- Individually and income is over $111,000 up to $138,000
- Jointly and income is over $222,000 up to $276,000
You pay an extra $51.20 per month if filing:
- Individually and income is over $138,000 and up to $165,000
- Jointly and income is over $276,000 up to $330,000
You pay an extra $70.70 per month if filing:
- Individually and income is over $165,000 but less than $500,000
- Jointly and income is over $330,000 but less than $750,000
- Married and separate, and income is over $88,000 but less than $412,000
You pay an extra $77.10 per month if filing:
- Individually and income is $500,000 and over
- Jointly and income is $75,000 and over
- Married and separate, and income is $412,000 and over
Medicare Part D Coinsurance and copayment
What you pay in coinsurance and copayment for Medicare Part D costs depends on the medication you’re prescribed and your plan’s formulary. Medicare’s prescription drug plan only covers certain medications.
How much you pay depends on the tier your medication is in. The lower the tier, the less your out-of-pocket payments will be. Lower tier medications are preferred, with the lowest tier consisting of generic versions of medications. If your medication is on a higher tier, then your plan will try to arrange for you to get the generic version or a similar drug on a lower tier.
For All Other Medicare Part D Questions
Cornerstone Senior Advisors is a company that helps eliminate the confusion that comes with signing up for a prescription drug plan. Call Cornerstone Senior Advisors today at 316-260-3331 for more information.