A Short Introduction of Medicare Part D Premiums 2020
Medicare Part D Premiums 2020 are optional payments you make when you want to benefit from Medicare Part D benefits. As a rule of thumb, you are not required to enroll in Part D plans. But you may decide to enroll to gain access to drugs that come under certain of these plans.
Medicare Part D Plans
Unlike Medicare Part A and B which are offered directly by the federal government, enrollees acquire Part D plans from health insurance providers. The Federal government, however, regulates the matter by setting guidelines on the premiums and included drugs.
Enrollees can choose from various plans and insurance providers. Different plans offer different drugs. So, the best bet for potential enrollees is to consult a plan finder to know which options suit them best.
Medicare Part D Premiums 2020
Because of the variety of Part D Plans available in the market as well as the variety of insurance providers who cover these plans, we can find varying premiums for Drug plans.
If you are taking Part D Plans, premiums you pay to the insurance providers are not your only concern. Other than these premiums and some deductibles, you may also have to pay certain income-based premiums for these plans.
Part D Income-Related Medicare Adjustments Amounts
The government also charges extra premiums based on your income. These premiums, also known as Part D Income-Related Medicare Adjustments Amounts (IRMAA) require you to pay excessive premiums to the federal government in addition to what you pay to your insurance provider if your income exceeded the basic minimum of $87,000 in last year.
These income categories for individuals and married couples are given below:
Medicare Part D Premiums 2020 vary widely depending on the plan you are using, your income level, and the insurance provider you have chosen.