What better time to take a look at the changes that will take place in 2020 regarding Prescription Drug Plans than Open Enrollment? This period takes place from October 15th to December 7th and lets people enroll in or switch their Part D or Medicare Advantage plan. You should review your coverage each year based on prices and the drugs you are taking.
What to expect in Prescription Drug Plans in 2020?
- PDP Premiums vary from plan to plan. Taking the 20 PDPs available nationwide, average premiums in 2020 will go from as low as $13 a month to as high as $83.
- The current national average monthly PDP premium stands on roughly $39. It is estimated to rise by 7% up to $42.05.
- More than 65% of Part D beneficiaries will face an increase in their premium in 2020, while the other 35% will see their premium decrease. This is why you should check your coverage every year during open enrollment. If you find a better deal, you can switch immediately.
- 80% of PDPs will have a deductible to cover, with the standard deductible in 2020 being $435.
- Taking all PDPs, median cost sharing is $0 for preferred generics and $3 for generics. However, it’s $42 for preferred brands and 38% coinsurance for non-preferred drugs (maximum allowed is 50%), plus 25% for specialty drugs (maximum allowed is 33%).
Bottom line, selecting the right PDP plan is important. That is were Senior65.com comes in. We can help you review your options and enroll you in an authorized plan. Contact us a 800-930-7956 to discuss your situation.