Just as sure as politicians blame each other for the County’s problems you know that each year there will be changes to Medicare Part D plans.
2013 Part D plans will be no different. Some changes are quite clear to see because the Medicare prescription drug program is regulated by the federal government. The Standard Benefit Model for the Part D program dictates that certain features of Part D plans adhere to set guidelines.
But some of the changes to 2013 Part D plans will require a little digging to get to the facts. This article will summarize changes to the Part D Standard Benefit Model as well as point you in the right direction to learn more about changes to individual plans.
2013 Part D Standard Benefit Model Changes
The Standard Benefit Model refers to the parameters that are common to each plan. It doesn’t matter whether you are considering a 2013 AARP Medicare Rx plan or the Humana Walmart-Preferred Rx PDP the following features and limits will be the same.
- The Part D deductible can be as low as $0 or as high as $325.
- The initial coverage limit has been increased to $2970 for .
- The out-of-pocket threshold amount has been increased to $4750.
- The 2013 Part D donut hole You will be responsible for $4750 in true out-of-pocket costs.
- Catastrophic coverage portion after you have met 100% of donut hole expenses will require you to pay the greater of 5% or $2.65 for generic or preferred drugs and the greater of 5% or $6.60 for all others.
Uncovering changes to specific 2013 Part D plans
Changes to a Part D plan may include:
- Change in monthly premium
- Change in the plan’s deductible
- Changes to copay or coinsurance amounts
- The plans formulary can change by adding or omitting drugs or changing the tier in which a drug is placed
- Changes to the pharmacy network or mail order benefit
If you are interested in learning if your current plan will include changes you should review your Annual Notice of Change. This notice will detail all changes to become effective for the 2013 Part D calender year.
If you are interested in learning about the details of another Part D plan you can visit the Medicare website to locate all available Part D plans for your State. To determine if the plan will meet your needs you should review the plan’s costs and benefits and specifically review the plan’s formulary.
The Part D formulary will provide all the information required to choose the right Part D plan.