New Medicare Part D Rates

This year, Medicare Part B premiums rates are not the only rates on the rise. The Centers for Medicare and Medicaid (CMS) released the 2021 Medicare Part D rates back in October, and noted that, while there are more Part D plans being offered in 2021, plan rates have gone up slightly. Because prices for Medicare Parts A, B, and D continue to rise, there is no better time than now to look into Medicare Supplement Plans

Part D Plans & Prices

The average Medicare beneficiary has a choice of almost 30 Medicare stand-alone drug plans. The following charts illustrate the costs of Part D plans and how income affects rates. 

medicare part d benefit chart
Medicare Part D Rates
filing income medicare part d rates
Medicare Part D Income Rates

Part D Cost-Sharing 

Cost-sharing amounts have also changed for medications in certain “tiers” in Part D plans. Each plan has a drug formulary, made up of tiers which determine the price of each drug. The typical five-tier formulary structure places medications into the following categories:

  • Preferred generics
  • Generics
  • Preferred brands
  • Non-preferred drugs
  • Specialty drugs 

For all Part D Plans, the median standard cost sharing in 2021 is $0 for preferred generics, $5 for generics (up from $4 in 2020), $40 for preferred brands (down from $42 in 2020), 40% coinsurance for non-preferred drugs (up from 38% in 2020; the maximum allowed is 50%), and 25% coinsurance for specialty drugs (the same as in 2020; the maximum allowed is 33%).

Medicare Supplement Plans

Costs continue to increase yearly for Medicare beneficiaries, but that does not mean you have to live on a tight budget. Medicare Supplement Plans can help you pay for medical costs that Original Medicare does not cover. For example, Medicare Supplement Plans cover the 20% coinsurance that you usually pay for a medical service. There are 10 different types of Medicare Supplement Plans to choose, and each offers different coverage at different price points. To easily compare these plans within minutes, use an EZ agent. Our agents will compare prices, go over your financial and medical needs, and help you save hundreds a year – and we’ll do it all for free! Medicare rates are on the rise, but we will help you save! To get started, simply enter your zip code in the bar above, or to speak directly to a licensed agent, call 888-753-7207.

About The Author:
Cassandra Love

With over a decade of helpful content experience Cassandra has dedicated her career to making sure people have access to relevant, easy to understand, and valuable information. After realizing a huge knowledge gap Cassandra spent years researching and working with health insurance companies to create accessible guides and articles to walk anyone through every aspect of the insurance process.

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