Medicare Annual Enrollment Period (AEP) is just around the corner beginning on Thursday, October 15th, and ending on Monday, December 7th, 2020. This is your chance to look at your Medicare benefits for 2021. Every year during AEP you can change your current Medicare Part D Prescription Drug plan (this includes Medicare Advantage Part C plans with Part D drug coverage). You should have received information about your current Medicare Part D plan plus a description of changes to the plan in 2021.
So what changes have been made to Medicare Part D in 2021?
· Initial Deductible: will be increased by $10 to $445 in 2021.
· Initial Coverage Limit (ICL): will increase from $4,020 in 2020 to $4,130 in 2021.
· Out-of-Pocket Threshold (or TrOOP): will increase from $6,350 in 2020 to $6,550 in 2021.
If you are wondering what to do about your Medicare Part D plan, here are some quick FAQs.
What if I don’t want to change my current Part D plan in 2021?
If you are satisfied with your current Part D drug plan including any changes to the plan in 2021 - you can keep your plan and take no action. It will automatically renew with the new changes and new premiums beginning in 2021.
What if I want to make a change to another Part D plan?
If you would like to look at other options, just email me to schedule a date and time to discuss your options.
What should I consider when looking at other Part D plans for 2021?
1. Have you changed prescription drugs?
2. Have you changed Pharmacies?
3. Have you moved?
4. Will the list price of your prescription drugs increase significantly?
5. Will any of your prescription drugs change Tier levels?
6. Will any of your prescription drugs no longer be covered?
7. Will your copays change?
8. Will your share of the cost of prescription drugs increase significantly?
9. Is your current plan no longer offered in your area?
10. Do you just want to see if there are more affordable plans available in 2021?
Where can I learn more about Medicare Part D for 2021?
Schedule a time with me to go through explaining the changes to Medicare Part D in 2021 to see how it may affect you.
If you have questions about your Medicare Part D Prescription Drug coverage or any other questions about Medicare, contact us at https://www.benefitcare.com/