If you're 65 or older, make sure the Medicare Part D open enrollment period for 2020 is on your calendar:
October 15 through December 7, 2019
What You Need to Know
If you’re 65 or older, make sure Medicare Open Enrollment is on your calendar. It is an important time of year to review your current medical coverage and healthcare needs — and select the most appropriate Medicare plan for the new year. Even if you’re already enrolled in Medicare, it’s still a good idea to review your plan, since coverage — and your health needs — may change from year to year. If you will become eligible for Medicare coverage for the first time in 2020, now is a good time to start learning about the different types of Medicare (i.e., Medicare Part A, Part B, Part C, and Part D), and what this means for you. The open enrollment period for Medicare 2020 begins on October 15, 2019 and ends on December 7, 2019. Here’s what you need to know about Medicare — especially Medicare Part D open enrollment.
What are the different types of Medicare?
Why would you want to get Medicare Part D?
Anyone who is eligible for Medicare coverage is also eligible for Medicare Part D. In general, you will qualify for Medicare if you are 65 years of age or older. However, if you are under 65, you may also qualify under special circumstances — for example, if you’re disabled (and have been receiving disability checks from Social Security Disability Insurance for at least 24 months) or have end-stage renal disease.
Where can you sign up for it?
How much does it cost?
Follow These Steps to Choose the Best Medicare Part D Plan for You
Compare drug services
Compare monthly costs
Compare the deductibles
Compare your copays
Starting in November, we will be able to do the plan evaluation for you at Courtyard Pharmacy. Schedule a time and come in for your complimentary personalized Medicare Part D plan analysis.
2020 Medicare Part D Changes
Significant changes are coming to Medicare Part D in 2020. In the new year, you can expect increased drug savings and lower premiums, according to the U.S. Centers for Medicare & Medicaid Services (CMS).
However, the biggest changes will be to Medicare Part D deductibles, out-of-pocket costs and copayments.
Here’s how the upcoming Medicare Part D changes will impact your wallet and healthcare coverage in 2020
The initial deductible will increase by $20 to $435 in 2020.
The Initial Coverage Limit (ICL) will go up from $3,820 in 2019 to $4,020 in 2020.
The Medicare Part D total out-of-pocket threshold will bump up to $6,350 in 2020, a $1,250 increase from the previous year.
Catastrophic coverage copays will cost between $0.20 to $0.45 more.
Beneficiaries will pay $3.60 for generic drugs and $8.95 for brand-name drugs, up from $3.40 and $8.50, respectively. To understand more about Medicare Part D changes in 2020 and what they mean for you, talk to a pharmacist.