What You Need to Know about Medicare Part D Costs 2021
Many seniors rely on prescription drugs to stay healthy; eighty-nine percent of adults 65 and older report that they are currently taking at least one prescription medicine and more than half of adults 65 and older report that they are taking four or more prescription drugs. Most seniors have Medicare Part D plans to help pay for their prescription drug needs so price and offering changes to these plans from year to year are followed with interest.
The 2021 Medicare Annual Enrollment Period (AEP) began on October 15, 2020, and will end on December 7, 2020. This is the time that Medicare beneficiaries have to review their current plan(s) – and the changes coming to them, compare all their options, and make the switch from Original Medicare to Medicare Advantage (or vice versa), from one Medicare Advantage plan to another or add on prescription drug coverage.
There are some big changes coming for prescription drug benefits in 2021. If you need help reviewing your current plan(s) or understanding your options, contact a Medicare Agent at Premier Benefit Consultant for a free consultation.
What you need to know about Medicare Part D costs 2021
The 2021 benefit and cost-sharing information for Medicare Advantage and Part D prescription drug plans is now available on Medicare.gov but here are some things you should know:
For the first time, seniors will be able to use Medicare Plan Finder on Medicare.gov to access more than 1,600 prescription drug plans that include insulin with no more than a $35 monthly copay, starting in January, 2021.
Within the finder there is a new “Insulin Savings” filter that will make it easier for seniors to find the plans in their area that are offering insulin with the reduced copay.
In late September, CMS announced that premiums for Medicare Advantage would be dropping for 2021 coverage. The average 2021 Medicare Advantage premium is projected to drop by 34.2 percent from 2017 rates, making premiums the lowest they have been since 2007.
Seniors who choose to enroll in a Medicare Advantage plan will have about 2,100 more plans to choose from compared to their options in 2017; a whopping 76.6 percent increase! During this Annual Enrollment Period, seniors will have about 4,800 Medicare Advantage plans to choose from.
How do I get Medicare drug coverage?
There are two ways for seniors to get Medicare drug coverage.
1. Medicare drug plans.
Medicare drug plans are prescription drug coverage plans that are most often added to Original Medicare. They can also be added to some Private Fee‑for‑Service plans, Medicare Cost Plans and Medical Savings Account plans.
2. Medicare Advantage plans.
Many seniors opt for Medicare Advantage plans because they cover more services than Original Medicare and include prescription drug coverage. Note that there are some other Medicare health plans that include prescription drug coverage.
Our independent insurance agents are dedicated to assisting people on Medicare and those who are ready to transition from employer coverage to personal retirement coverage. We help kupuna understand their benefits options and apply for additional coverage, as needed. Because we represent all the major Medicare Advantage and supplement plans in Hawaii, we are able to offer unbiased advice; all at no cost to our clients.
At PBC, our clients are our number one priority and we look forward to getting to know you and your needs. Call us today at (808) 738-4500 to see how we may be of assistance.