Healthcare Industry News > Medicare D prescription drug plan

Medicare D prescription drug plan

Medicare participants will need to start shopping soon but not for Christmas presents. Instead, they should begin shopping for their Medicare D prescription drug plan. Open enrollment lasts from November 15th until December 31st and participants are being encouraged to look at all of their options to make sure the coverage they select is the best for their needs and budget.

Many of the most popular private insurance plans are increasing their premiums which is something Medicare patients need to be aware of. While the average monthly premium will be $28 next year, several plans will be making double-digit increases to consumers' costs. Those increases range from 16% to a whopping 71%. At least one plan is lowering their premiums by 24%.

Regardless of the plan selected, Medicare participants are responsible for paying their monthly premiums and the initial $275 they spend on prescriptions each year. Then, Medicare will pay the 75% of all their medication costs until they spend $2,510. From that point until they incur $4,050 in out-of-pocket expenses, patients are expected to pay 100% of their medication costs. A percentage of the plans do continue to pay for generic drugs even during the so-called "doughnut hole" period.

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