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.
- $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
- $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 email@example.com. Our team of advisors are ready to answer any questions you might have.