Each year, the Centers for Medicare and Medicaid Services (CMS) adjusts the cost sharing limits for the standard Medicare Part D plan. Earlier this month, CMS announced the adjustments for 2020. Below is a summary of the adjustments for next year:
Deductible: $435 (a $20 increase from 2019)
Initial Coverage Limit: $4,020 (a $200 increase from 2019)
Donut Hole (Coverage Gap): Begins after $4,020 of prescription drug expenses have been incurred.
Out-of-Pocket Limit: $6,350 (an increase of $1,250 from 2019)
Catastrophic Coverage: Small copays are required after the out-of-pocket limit has been met.
IXSolutions brings over 30 years of combined experience to the market as Employee Benefits Consultants. We’ve been bringing creative solutions and alternatives to the market since the inception of the Affordable Care Act.
Today, we work with companies, individuals, and Medicare eligible individuals to provide solutions to the complex insurance industry. We are a trusted partner to thousands of clients, brokers, and associations across the country.