Medicare Part D Fact Sheet

Medicare Part D Plan Open Enrollment Every October 15 through December 7th Medicare Part D plans have Open Enrollment. The programs begin on January 1st. Medicare Part D is prescription drug coverage with a formulary of prescription drugs, managed by a plan sponsor. If a person participates in Medicare Part A or Part B, then the Part D enrollment is voluntary. If a person has Medicaid, then they must enroll in a Part D plan, or one will automatically be assigned. Medicaid coverage helps with costs of premiums, deductibles and co-pays. FLORIDA APPROVED PART D PLANS FOR 2020 SilverScript Choice Wellcare Classic Cigna Healthspring RX Secure (new for 2020) Clear Spring Health Value RX (new for 2020) Basic Plan for the Average Person Monthly premiums average $30.00 per month Annual deductible is $435.00 Co-pays for prescriptions up to 75% of the cost of drugs (depends on the drug) “Donut Hole” – is a gap in prescription coverage Coverage for drugs stops at $4,020 Beneficiary is responsible for 100% of drug costs from $4,020 until $6,350 out of pocket Once the annual cost of drugs reaches $6,350, Medicare Part D pays 95% of costs        During Open Enrollment Oct – Dec Letters will be mailed to all “choosers” regarding their status The designated person that choose a plan any year since