Medicare Part D 2020

Medicare Part D 2020

What is Part D?

Part D is a Medicare coverage option for prescription drugs. You can enroll in what we call a “PDP” (Prescription Drug Plan), which will assist in paying for your medications.

Part D Enrollment:

You can enroll in this part of Medicare during your Initial Enrollment Period. This is a seven-month time frame, which includes three months before your 65th birthday, the month of and then 3 months after. For example, if you were born in March, you would enroll between December-June. If you miss your “IEP” you will be penalized.

Part D Late Enrollment Penalty

If for any continuous period of 63 days or more after your Initial Enrollment Period is over, you may owe a Late Enrollment Penalty if you are without one of these: Part D, Part C or another health plan that offers Medicare prescription drug coverage or creditable prescription drug coverage.

Part D Costs:

Things you can expected to pay for Part D are a premium, deductible, co-payments, coverage gap costs and late enrollment penalties (if you did not enroll on time).

Does Income Change My Part D Premium?

Yes. Your Part D Premium is determined by how much you make. This income is the amount you reported on tax returns from two years prior. The national base beneficiary premium for 2020 is $32.74. The way you determine your additional premium is taking a percentage of $32.74. 

For example, please see below the additional costs that will be charged due to income bracket. 

Single people: 

  • $87,000 or below: $0
  • $87,001 - $109,000: $12.20
  • $109,001 - $136,000: $31.50
  • $136,001 - $163,000: $50.70
  • $163,001 - $499,999: $70
  • $500,000 or more: $76.49

Married people: 

  • $174,000 or below: $0
  • $174,001 - $218,000: $12.20
  • $218,001 - $272,000: $31.50
  • $272,001 - $326,000: $50.70
  • $326,001 - $749,999: $70
  • $750,000 or more: $76.40

How Can MWG Senior Services Help?

If you would like to talk with someone about enrolling in Medicare Part D or reviewing other retirement insurance options, be sure to call MWG Senior Services at (877) 759-5760 or email seniorservices@morganwhite.com. Our team of advisors are ready to answer any questions you might have.