Medicare Supplement Store Blog
Based on the data last year, 77% or 48 million users of Medicare plans are enrolled in the Part D Rx Plans. Half of these users are covered using the Medicare Advantage drug plans, while the other half are available in stand-alone PDPs.
Since Part D Rx Plans under Medicare plans are federally administered coverages, depending on the policies, it is expected to change. Thus, listed below are the things you need to know about Part D in 2022.
Changes in Cost and Cost-Sharing
The Centers for Medicare and Medicaid Services (CMS) revealed that there would be a slight increase in the projected monthly premium of Part D. From $31.47 in 2021, Part D will have an average of $33 monthly premium.
Moreover, CMS limits all the cost-sharing structures in all Medicare plans every year. The Part D plans must only choose between the standard benefit or the enhanced benefit. There’s not much change in the latter, but some key changes have to be noted with standard benefit.
In 2022, prescription drug plans will use the benefit phase to determine copayment and coinsurance. There will also be an increase in the standard deductible, which will now cost $480.
An important “out-of-pocket spending threshold” will also increase. It is now $7,050 this year.
Though there’s not much change in Part D coverage, it’s still important to know its possible changes yearly. GoodRx Health enumerates the three possible changes in Medicare Prescription Drug Plans:
1. The medication coverage might stop and return to its formulary.
2. It can change how drugs are placed in the tiered plan. This part might affect your out-of-pocket cost.
3. Part D can add restrictions to drugs’ quantity limits. Thus, affecting patients in accessing the needed drug through the plan.
Again, these are just possibilities and do not reflect this year’s changes. By 2022, there is minimum to no change in Medicare’s drug coverage.
What will happen in your 2022 Medicare Part D Rx Drug plans will be just like your 2021 plan. However, since Part D has over tens of types, it’s best that you thoroughly review your Annual Notice of Change (ANOC). By doing this step, you can ensure that your drug coverage will still fit your needs.
Final pro-tip: you should reevaluate your coverage every year to know if you need an upgrade or add-ons.
At Medicare Supplement Store, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (732) 252-8828. You can also request a free quote by CLICKING HERE. The coverage discussed in this article is not guaranteed. Please call our agents, we are happy to help you learn more about your plan and make sure you have the coverage you need.