Skip to content
Medicare Part C and Part D correspond with Medicare Advantage plans and Medicare prescription drug programs. While these plans will have variable pricing, we can tell you that there are standard premium rates for Medicare Part D and all Medicare Part C plans have an out-of-pocket maximum limit.
Medicare Part C Costs 2022
The average premium for Medicare Advantage plans in 2022 is expected to be $19 per month. This is lower than the cost in 2021, which was closer to $21.
Medicare Advantage plans all have an out-of-pocket maximum limit. This means that once you have reached that set amount in expenses toward your health care costs, your insurance will pick up the rest of your costs for covered services through the rest of the year. This is one of the key benefits of Medicare Part C plans.
Why Choose Medicare Advantage?
Medicare Advantage plans use a network of health care providers in your area, contracting with them to bring you lower negotiated costs for covered services.
Medicare Advantage plans give you the ability to sign up for additional coverage. It’s no secret that there are numerous gaps in Medicare coverage. Medicare Advantage plans can help to fill those gaps by offering you additional benefits packages for things such as dental, vision, and hearing coverage or prescription drug coverage. When you choose to sign up for these benefits through your Medicare Advantage plan, you have the added convenience of accessing all of those benefits through one insurance provider, which simplifies claims and payment schedules.
Medicare Part D Costs 2022
The average 2022 premium for Medicare Part D plans is projected to be $33 per month. This is higher than the cost in 2021, which was around $31.47. Like Medicare Part B, the cost of your premiums depends on your income as reported on your tax return. If your income falls in a bracket above the standard price, you will be charged a Part D Income Related Monthly Adjustment Amount. You pay that additional charge directly to Medicare, not your plan.
The other costs associated with Medicare Part D will be variable. In general, you can expect to pay the lowest copayments for generic, preferred prescription drugs, while brand-name, non-preferred, and drugs requiring special handling or administration will require higher copayments when you fill them at the pharmacy.
Why Choose Medicare Part D?
Medicare Part D prescription drug plans are in many cases a necessary addition to your health care coverage. Many seniors and disabled beneficiaries find themselves taking prescriptions regularly. Original Medicare (Part A and Part B) covers only limited outpatient prescription medications. Without additional drug coverage, these beneficiaries would find themselves paying the full retail price for their medications.
Part D plans simplify your coverage by using pricing tiers. All drugs that fall under one of five tiers will cost the same when you fill them. This gives you predictable pricing, which can be a huge bonus if you have a strict budget.
Want to learn more about Medicare Part C and Part D? Contact Insured For Life today.
