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Medicare Part D 2021

 When Suzie is not talking about Medicare Advantage plans. She recieves questions about Medicare Part D. Here are the stages that you may not know.



The Deductible Stage: While some plans have a zero dollar deductible, the most an annual deductible will be is $445. You are responsible for 100% of your prescription drug costs until your deductible is met.

The Initial Coveage: You pay a copay or coinsurance. Your Part D plan pays the rest for prescription drugs included in your plan's formulary. 

The Coverage Gap: After you and your plan have together spent $4130 on prescription drugs then you enter the coverage gap or donut hole. You now pay 25% of the cost of your prescription drugs. 

Catastrophic Coverage: When you have reached $6550 after your total out of pocket expenses on prescription drugs plus any discounts, you are back to small co-pays or coinsurance until the end of the year.

Plan Year Resets: Everything resets January 1st and you return to the deductible stage. 



Each Medicare Part D plan has a different formulary or list of drugs so it is good to review your plans during the Annual Enrollment Period which goes from October 17th through December 7th. This is the time frame that you can make adjustments that begin January 1st, 2021.

If you have questions then don't hesitate to call Suzie or come in for a one on one. 


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