If you are in traditional Medicare, it’s time to check out all your Part D drug coverage options. Phil Galewitz reports for KFF Health News on potentially soaring Part D premiums for 10.4 million people with Medicare who don’t qualify for extra help based on their income. But, people can keep their costs down if they switch Part D plans during this Medicare Open Enrollment period, before December 7.
For many Part D plans, premiums are rising between $34 and $51 a month. The good news is that some Part D plans continue to have far lower premiums with similar coverage. You have until December 7 to change plans. (The government is claiming that average premiums are rising by just $1, but it has not explained how it arrived at this conclusion.)
For the 25 million people with Medicare with Part D coverage, premium differences are shockingly large. For example, AARP is raising its UnitedHealth care Part D plan premiums for some members in Virginia by $39.60 to $121.90. But, these enrollees have an option that costs just $19.30 a month, offering about the same coverage.
Notwithstanding Trump’s claims about drug prices in the US, the US has the highest drug prices in the world. Millions of Americans, including people with Medicare and people with drug coverage are not filling their prescriptions because of the cost.
People in Medicare Advantage plans are not seeing huge Part D premium increases. But, they will continue to face large obstacles getting the medical and hospital care they need, particularly if they develop a complex and costly condition. Insurers are further restricting their Medicare Advantage plan networks and continuing to use prior authorization protocols to delay and deny care inappropriately.
Moreover, whether you’re in traditional Medicare or a Medicare Advantage plan, you will face a much larger deductible in 2027. The average deductible for stand-alone Part D plans will be $643, a $103 increase. In Medicare Advantage, it will be $489, a $129 increase.
On top of these increases, insurers are moving from copays–fixed out-of-pocket payments–to coinsurance–out-of-pocket payments that are a percentage of the cost of the drug. This switch could further increase people’s drug costs, regardless of whether they are in traditional Medicare or a Medicare Advantage plan.
Here’s more from Just Care:
- Do you know about these free and low-cost benefits?
- Medicare Part D drug coverage
- Online pharmacies can save you money
- Case study: Costco saves one couple hundreds of dollars over Medicare Part D
- You might be eligible for a Medicare Savings Program
