Your premiums will depend on which plan you choose and where you live. Most people will pay the standard monthly Medicare Prescription Drug Plan (Part D) premium, but you may have to pay extra if you didn’t sign up for Part D when you first became eligible and you have a late enrollment penalty. You will receive a notice if this penalty applies to you. Show If you receive Extra Help, the table below does not show your premiums. For more information, contact us at(TTY toll-free 711), 7 days a week from 8 am - 8 pm, ET. Note: You may have an additional fee calculated based on your yearly earnings. If this applies to you, the Social Security Administration (not your Cigna Medicare Part D plan) will send you a letter telling you what the amount will be and how to separately pay it. It cannot be paid with your monthly Part D premium. If you enroll in a Medicare Part C (also called Medicare Advantage) plan that includes prescription drug coverage, don’t also enroll in a Part D plan, because you’ll lose your Part C plan. What will it cost?
What does it cover?
If you already have drug coverage that’s as good as Part D, you won’t have any penalty if you decide to enroll in Part D later. If you’re covered by employer or retiree insurance and enroll in Part D, you risk permanently losing your coverage. Check with your current plan administrator before you make any decisions. Medicare beneficiaries may see their premiums for prescription drug coverage dip in 2023, although their deductibles might rise. The average basic monthly premium for Medicare Part D is projected to be about $31.50 next year, down 58 cents, from $32.08 in 2022, according to the Centers for Medicare & Medicaid Services. Meanwhile, the maximum deductible next year for drug coverage is projected to rise to $505, up from $480 this year, according to information released by the agency several months ago. Not all plans come with a deductible, or they may have one that is much smaller than the maximum allowed. More from Personal Finance: Roughly 49 million Medicare beneficiaries have prescription drug coverage. Some get it as a stand-alone Part D plan alongside original Medicare (Part A hospital insurance and Part B outpatient care coverage). Other individuals enroll in Advantage Plans that come with drug benefits. And it's common to find such plans that come with either a small monthly payment or a low one (excluding your Part B premium). "We should continue to see lots of zero- or low-premium Advantage Plans with enticing benefits next year," said Danielle Roberts, co-founder of insurance firm Boomer Benefits.  watch now VIDEO3:5003:50 Medicare inflation threatens retirement security Power Lunch Be aware that deductibles and premiums can both vary widely from plan to plan, as can the specifics of what prescription drugs are covered and how much you'll pay for them. (Congressional Democrats are aiming to pass a bill that would allow Medicare to negotiate the price of some drugs, as well as cap your out-of-pocket cost for prescriptions at $2,000 per year.) In addition, some Medicare beneficiaries pay more for Part D premiums because their income is high enough to generate so-called income-related monthly adjustment amounts, or IRMAAs. Those extra amounts also apply to Part B premiums. In 2022, those monthly surcharges kick in for single tax filers at $91,000 and for married couples filing joint tax returns at $182,000. There are some strategies you can use to try avoiding IRMAAs or reducing them. Medicare's open enrollment period — when you can sign up for an Advantage Plan and/or drug coverage for 2023 — opens Oct. 15 and runs through Dec. 7. What is the cheapest Medicare Part D plan for 2023?The cheapest plan, SilverScript SmartSaver, only costs about $6 per month and offers preferred generic drugs (called Tier 1 drugs) for a $2 copay per prescription without needing to meet a deductible. And there are reasonable copays for other types of prescriptions, making it a good choice for most people.
Who has the cheapest Part D drug plan?SilverScript Medicare Prescription Drug Plans
Although costs vary by ZIP Code, the average nationwide monthly premium for the SmartRx plan is only $5.92, making it the most affordable Medicare Part D plan this carrier offers.
|
What is the monthly premium for medicare part d
Related Posts
Copyright © 2024 muatrau Inc.
