Prescription Drug Plans
Prescription Drug Plans
Prescription Drug Plan (Part D) coverage is provided by private companies. The types of Part D plans are:
– Stand-alone Prescription Drug Plans (PDP)
– Medicare Advantage-Prescription Drug (MA-PD) Plans
– Cost-PD Plans (Medicare health plans that cover Part D prescription drugs as an optional supplemental benefit.)
Part D plans must cover at least the Part D standard benefit or its actuarial equivalent. For 2020 the standard deductible is $435.00 (see chart below). Not all Part D plans use the standard deduction, some plans use less, some plans use a deduction on tier 3, 4, and 5 drugs, a few don’t have a deduction at all.
Prescription drug cost continue to increase year after year and can be one of the largest expenses seniors face every month. It is a good practice to check your cost each year as prices and plans change. I offer a FREE quoting service, to help identify where you can save money. Click on the button below.