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Video instructions and help with filling out and completing Why do i pay medicare tax
Instructions and Help about Why do i pay medicare tax
Have you been researching Medicare Part D plans and feeling thoroughly confused about things like the deductible and the coverage gap if so you are in luck because in this video I'll go over how Medicare Part D works and what the four stages of coverage are in every Part D plan hi there if we haven't met yet I'm Danielle Roberts Forbes finance council member and co-founder here at boomer benefits where we prfree Part D analysis each year for all of our Medigap and Medicare Advantage policyholders although Part D drug plans are offered by private insurance carriers each plan must meet federal guidelines all drug plans have four stages and Medicare sets the limits for each of these stages during the year companies can offer benefits that are richer than the minimum standard but not less than that standard the four stages of Part D are the deductible the initial coverage level the coverage gap or doughnut hole and catastrophic coverage let's start with a deductible the deductible is the amount that you pay out-of-pocket first each year on your medications before your co-pays kick in under your plan Medicare sets the maximum deductible each year and Part D insurance companies must keep their plan deductible at or below that number in 2022 the maximum deductible will be four hundred and fifteen dollars again companies can waive that deductible or set a lower deductible but they can't charge a higher deductible here's how the deductible works if your plan has a four hundred fifteen dollar deductible you will pay out of your own pocket for your medications until you have spent that much and satisfied the deductible for example if you have a medication that costs a hundred dollars when you go to the pharmacy you'll pay a hundred and then you will only have three hundred and fifteen left to spend before you have fulfilled the deductible and moved on to the initial coverage level I mentioned earlier that some insurance companies may offer a lower deductible than Medicare standard deductable or they may waive the deductible entirely a plan with no deductible though isn't nests Sara Lee the one that's most cost-effective sometimes you may find a plan that waives the deductible but you may also find that that plan has higher co-pays or premiums than another plan with a deductible in my experience you'll spend that money one way or the other either in and upfront deductible or tacked on to the co-pays that you spent throughout the year the second stage of a Part D drug plan is the initial coverage stage during this stage you will pay a copay or coinsurance for each medication based on what tier the drug falls into insurance companies have a list of covered medications on each plan and these drugs are usually broken down into five tiers preferred generic non-preferred generic preferred brand non-preferred brand and specialty medications each tier will have a copay.