Medicare Part D is purchased through private insurers. While the premiums vary, they tend to range from $15- $150 a month. There was a maximum deductible of $360 for these plans in 2016, after which the insurer would trigger 75/25 coinsurance or something in that range.
During that time the policy will pay 75% of prescription costs but will stop at the point where the company and you have cumulatively paid $3,310 (also as of 2016). If your prescription drug costs exceed that amount, you pay every single penny between $3,310 and the catastrophic trigger point, which is currently $4,850. If your costs exceed even the $4,850 boundary, you’ll only have to pay about pay 5% of the costs after that threshold, and the insurer pays the rest.
A person will need to determine their expected prescription costs and weigh them against the possible help they could get from a Part D plan.
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