2022 Medicare Part D Changes:
Starting January 1st, 2022:
- The Part D monthly premium varies by plan.
- For stand-alone Part D prescription drug plans, average basic premiums increased to a projected average premium of $33.37/month.*
- In 2022, brand-name drugs cost the enrollee just 25 percent of the plan’s cost.
*It is important to understand that the average basic premium is less than the average enhanced plan premium, so overall average Part D premiums are higher than the average basic premiums.
- Most Medicare drug plans have a coverage gap (also called the “donut hole”). This means there is a temporary limit on what the drug plan will cover for drugs. Not everyone will enter the coverage gap. The coverage gap begins after you and your drug plan have spent a certain amount on covered drugs
- In 2021, the coverage gap applied after an initial amount of $4,130 was spent. In 2022, the coverage gap applies after an initial amount of $4,430 is spent. The good news is that the Affordable Care Act (ACA) has been gradually closing the coverage gap in Medicare Part D. The percentage is set by Medicare. In 2022, once the coverage gap starts, Medicare members only have to pay 25% for both brand-name and generic prescriptions.
Read More about 2022 Medicare Changes here.
Quick Guide to Medicare Part D – The Drug Plan
Still have questions, or need more information on how to pick the plan that is right for you?
The Benefit Link is here to help! Give us a call and speak to a licensed insurance agent: