Collin County Living Well Magazine November/December 2017 | Page 50

Updates for 2018
Medicare Part D
By Tucker Thompson, CSA
M
edicare Part D Pharmacy benefits will change Janu-
ary 1, 2018. The cost of the plan you chose will
not be prorated no matter when you start the plan.
The Prescription Drug Plan deductible will range from $0 to
$405 depending on the plan you choose. After you meet
your plan’s deductible, you will have co-pays that vary de-
pending on the drug cost in your plan. The initial coverage
limit will increase to $3,750. This is the cost of the drug
paid for by you and your plan. To be covered, the prescrip-
tion drug must be in your plan’s formulary, unless an excep-
tion is granted by that company.
After you reach the prescription coverage gap, or “donut
hole”, your co-pays will change. The cost of brand name
drugs will then be 35% and generic drugs will be 44% of
your plan’s cost. For example, a brand name drug may cost
$100 but you would only pay $35.
If you reach $5,000 in prescription drug costs in your plan,
you will begin catastrophic coverage through December
31, 2018. You will now pay
$8.35 or 5%, whichever
is higher, for brand name
drugs in your plan’s formu-
lary. Generic drugs will
cost $3.35 or 5% in your
plan’s formulary.
The key to your Prescription Drug Plan is the plans formu-
lary, with the list of drugs that you take. The monthly fee
and pharmacies in your plan’s network should also be a
factor when picking a Prescription Drug Plan.
If you filed joint income tax in 2016 and made more than
$170,000, or filed single with more than $85,000 in ad-
justed gross income, you will pay an additional monthly
fee for a Prescription Drug Plan depending on your income
for 2016. The government always looks two years back
at your adjustable income tax. In 2017, the government
looked at your 2015 income tax filed to determine if you
had to pay an additional fee.
The annual enrollment period for Prescription Drug Plans is
from October 15 through December 7, 2017 with coverage
starting January 1, 2018. There are no health questions.
Tucker Thompson has worked in the insurance field for over 24 years in Life Insurance, Long-Term Care,
Medicare Supplements, Medicare Advantage Plans, and Prescription Drug Plans.
New
Medicare choices in 2018
could mean better coverage for less money!
You can apply to change a Medicare supplement policy
anytime during the year!
Senior Life Division
Medicare Plans
Medicare Supplements
Health Insurance
Long-Term Care Policies
Life Insurance
B enchmark Financial Services is a local company with a Senior Life Division dedicated
to helping seniors review & find Medicare healthcare and prescription plans that best
fit each individual’s needs. With a strong commitment to offer independent,
unbiased advice, we are licensed with over 30 national companies and are not
“employed” by any of these companies whose plans we might recommend.
[phone]
48
COLLIN COUNTY Living Well Magazine | NOVEMBER/DECEMBER 2017
Your Local Agent:
Tucker Thompson