Medicare prescription drug plans will change in 2022. The government has just released the details of the new plans. These will be available for enrollment starting in October of 2021. This is something that all seniors on Medicare should be aware of. These changes may affect their coverage and premiums. In this blog post, we will discuss the new Medicare prescription drug plans for 2022. As well as what you need to do to prepare for them.
What are The Biggest Changes?
Medicare prescription drug plans for 2022 is that the government is moving to a single, national formulary. This means that all Medicare prescription drug plans will have the same list of covered drugs. This change is being made to simplify the Medicare prescription drug programs. Although this will make it easier for seniors to compare plans. It can also create confusion.
Another change to Medicare prescription drug plans for 2022 is that the government is increasing the standard Part D deductible from $445 to $450. This increase is in line with increases in the cost of living and will help to offset some of the costs associated and make it easier for seniors to compare plans and choose the one that best meets their needs.
If you are currently enrolled in a Medicare prescription drug plan, you will need to re-enroll in a new plan for 2022. This process will begin in October of 2021. You should start looking at your options now and compare the plans to see which one is best for you.
What is not covered by Medicare Part D plans?
The drugs you take may not be covered by every Part D plan. You need to review each plan’s drug list, or formulary, to see if your drugs are covered. The following will not be covered:
- Drugs not listed on a plan’s formulary
- Drugs prescribed for anorexia, weight loss, or weight gain
- Drugs prescribed for fertility, erectile dysfunction, cosmetic purposes, or hair growth
- Prescription vitamins and minerals
- Non-prescription drugs (e.g., over-the-counter medications)
- Drugs that are already covered by Medicare Part A and Part B
What do Medicare Part D plans cover?
Medicare prescription drug (Part D) plans to cover the following:
- Types of drugs most commonly prescribed for Medicare beneficiaries as determined by federal standards
- Specific brand name drugs and generic drugs included in the plan’s formulary (list of covered drugs)
- Commercially available vaccines not covered by Part B
It is important to note that while Medicare Part D plans are required to cover certain common types of drugs, the specific generic and brand-name drugs they include on their formulary vary by plan. You will need to review a plan’s formulary to see if the drugs you need are covered.
Why are Medicare Advantage Plans With Prescription Drug Coverage a Good Buy?
If you are looking for an all-in-one health insurance plan that covers your hospital, medical, and prescription drug needs, a Medicare Advantage plan with prescription drug coverage may be a good option for you. These plans are offered by private insurance companies and must cover all of the same benefits as Original Medicare (Part A and Part B). In addition, Medicare Advantage plans with prescription drug coverage must offer at least the same level of coverage as a stand-alone Medicare Part D prescription drug plan.
When you enroll in a Medicare Advantage plan, you will be required to pay your Part B premium, and you may also have to pay a monthly premium for the Medicare Advantage plan itself. You will also be responsible for any deductibles and copayments/coinsurance required by the plan.
Medicare Advantage plans with prescription drug coverage are a good value because they provide comprehensive coverage in one easy-to-use package. If you are taking multiple medications, you can save money by enrolling in one of these plans and getting your prescriptions filled at the plan’s network pharmacies.
When shopping for a Medicare Advantage plan, be sure to compare the monthly premium, deductible, and copayments/coinsurance for each plan to find one that best meets your needs and budget. Also, check to see if the plan covers the drugs you take.
This is why when speaking with an agent you can drill down into a prescription drug plan or a Medicare Advantage with PDP coverage to see what works with your budget and expectations. There is always a good option if you are willing to put the work in. We will always be here to help. Happy Shopping!
