Medicare Part D – – – Prescription Drug Coverage.
Medicare Part D coverage starts with the first prescription you fill. When a member’s 2013 total drug costs exceed $2,970 the member enters the coverage gap referred to as the “donut hole.”
When you enter the Part D coverage gap in 2013, you will pay 47.5% of name brand medications and 79% of generic medications. Once your total drug costs exceed $4,750, you will go into the Catastrophic Coverage.
The catastrophic coverage period for 2013 begins once one exceeds $4,750 in true out-of-pocket costs and covers 95% of a member’s drug costs.
Medicare Part D Prescription Drug Plan monthly premiums will remain the same in 2013.
You will only pay an income related monthly adjustment amount in addition to your plan premium if your IRS reported income was more than $170,000 for joint filers or more than $85,000 for those filing individual returns.
File Individual Return File Joint Return
$85,000 or less $170,000 or less
You pay: Your plan premium
$85,001 – $107,000 $170,001 – $214,000
You pay: $11.60 + Your Plan Premium
$107,001- $160,000 $214,001 – $320,000
You pay: $29.90 + Your Plan Premium
$160,001 – $214,000 $320,001 – $428,000
You pay: $48.10 + Your Plan Premium
Above $214,000 Above $428,000
You pay: $66.40 + Your Plan Premium
Open Enrollment ends Friday, December 7, 2013. If you have not done so already, please take a few minutes to review your coverage information today. If you find your plan is not meeting your expectations, call me to set up an appointment to find a plan that offers better coverage. Call 440-255-5700.
All information provided here is taken from Medicare.gov, the official
U.S. Government website for Medicare information as of 11/16/2012. This information
is provided as a service only. For more information, please visit www.medicare.gov.