Q1Medicare.com - Latest Medicare News

The 2020 Federal Poverty Level (FPL) Guidelines determine the income level requirements for people applying for the Medicare Part D Low-Income Subsidy (LIS) program, also known as the "Extra Help" program that helps pay Medicare prescription drug costs.

Starting in 2020, the Income-Related Monthly Adjustment Amount (IRMAA) income brackets will be adjusted for inflation.  Consequently, people at the low end of their 2019 IRMAA income bracket wil . . .

CMS released the 2021 low-income premium subsidy amounts (or Benchmark premiums) for Medicare Part D plans on July 29, 2020. In 2021, four regions will lower their Medicare Part D Low-Income Subsidy (LIS) benchmark premiums and 30 regions will increase their benchmark premium.

If the retail value of your formulary drug purchases are over $345, you will enter the 2021 Donut Hole and, as was true in 2020, you will receive a 75% discount for all formulary drugs while in the Coverage Gap.

On February 5, 2020, the Centers for Medicare and Medicaid Services (CMS) released the 2021 Advance Notice and Draft Call Letter that included the 2021 proposed defined standard benefits for Medicare Part D prescription drug plan coverage - and proposed changes to Medicare plans.

Updated  2/5/2020 See:  2020 Federal Poverty Level Guidelines (FPL): 2020 LIS Qualifications and Benefits   (https://Q1News.com/812.html) The 2019 Federal Poverty Level (FPL) Guidel . . .

CMS released the 2020 low-income premium subsidy amounts (or Benchmark premiums) for Medicare Part D plans on July 31, 2019, and in 2020, 33 regions will lower their Medicare Part D Low-Income Subsidy (LIS) benchmark premiums and only 1 region will raise their benchmark premium.

The Donut Hole (or Coverage Gap) is a term used to describe a "gap" or pause in your Medicare Part D prescription drug coverage where - prior to 2011 - you were 100% responsible for the cost of your . . .

On April 1st, the Centers for Medicare and Medicaid Services (CMS) released the 2020 Announcement and Final Call Letter that includes the defined standard benefits parameters for 2020 Medicare Part . . .

Medicare Part D prescription drug plans expressly excludes coverage for vitamins - although some Medicare plans do cover "excluded" drugs such as B-12 vitamin injections as "Bonus" or Supplemental dru . . .

Since 2011, people with Medicare who earn over $85,000 have been paying an additional monthly premium or Income-Related Monthly Adjustment Amount (IRMAA) for their Medicare Part D prescription drug p . . .

In certain situations, people with Medicare may be eligible for a Special Enrollment Period (SEP) allowing them to join a Medicare Advantage plan or Medicare Part D prescription drug plan , or switch . . .

2020 Update   See: 2020 State Low-Income Subsidy Benchmark Premium Amounts - with a comparison of benchmark changes since 2006 at https://Q1News.com/763.html. The Centers for Medicare and Me . . .

About $3,019 - maybe even a little more depending on your Medicare Part D plan. However, your actual savings in the 2019 Donut Hole will depend on several things including: (1)  How much yo . . .

Each Medicare Part D plan has a national pharmacy network that includes 50,000 to 65,000+ pharmacies and both "preferred" and "standard" pharmacies can be included in a Medicare prescription drug plan . . .

With each new plan year - and throughout the plan year - your Medicare Part D plan (PDP) or Medicare Advantage plan that provides prescription coverage (MAPD) can change their formulary or drug list, . . .

If your stand-alone Medicare Part D prescription drug plan (PDP) - or Medicare Advantage plan that includes drug coverage (MAPD) - has an initial deductible, you will usually pay 100% of your prescr . . .

Based on current enrollment, 13.2 million Medicare beneficiaries will see their stand-alone 2020 Medicare Part D premiums increase in 2021 - with almost 3 million Medicare beneficiaries seeing at least a 20% increase in their monthly premium.

Over 1.8 million people are currently enrolled in a 2020 Medicare Part D plan that is changing names in 2021 - and may have significant changes in plan features (for example a 90% increase in monthly premiums.

Over 1.1 million people are currently enrolled in non-renewing 2020 Medicare Advantage plans and may lose their 2021 Medicare plan coverage unless they choose to enroll in another 2021 Medicare Part D or Medicare Advantage plan.

Over 1.5 million people are currently enrolled in non-renewing 2020 Medicare plans and may be automatically moved to a different 2021 Medicare plan unless they choose during the annual Open Enrollment Period.

The Social Security Administration announced on October 13, 2020 that "Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 1.3 percent . . .

As in past years, some 2020 Medicare Part D plans are changing their cost-sharing designs for 2021 prescription drug purchases.  Cost-sharing is what you will pay for your Medicare Part D formula . . .

Twenty-five 2021 Medicare Advantage plans that offer drug coverage (MAPDs) will have an ICL over the standard $4,130 and nine MAPDs will have an ICL under $4,130 - and one stand-alone 2020 Medicare Part D plan (PDP) will have an ICL under the standard $4,130.

The 2021 Medicare Advantage plan information recently released by the Centers for Medicare and Medicaid Services (CMS) shows that Medicare beneficiaries can expect a few more Medicare Advantage pl . . .

The September 2020 Medicare Part D plan formulary (or drug list) updates included 86 new drug codes or NDCs representing 46 different medications, including 18 new generics. The NDC uniquely identi . . .

As you may know, Medicare Part D prescription drug plans update their plan formularies (drug lists) throughout the plan year and the September 2020 Medicare Part D formulary updates included 46 new d . . .

The September 2020 Medicare Part D plan drug list updates include 13 newly-introduced generic drugs - and 16 newly-introduced brand-name drugs, including: ARAZLO®, Bynfezia®, DAYVIGO®, HELIDAC THERAPY®, ISTURISA®, LYUMJEV®, NEXLIZET®, ORIAHNN®, QINLOCK®, RELAFEN DS®, RE

The total number of 2021 Medicare Advantage plans will increase by 13% in 2021, however, many 2020 Medicare Advantage plans will be terminated or merged into other 2021 plans. Therefore, many counties will see significant changes in their 2021 Medicare Advantage plan landscape.