Are there any new changes to Medicare Part D prescription drugs in 2021?
Medicare Part D plans are not standardized, so each plan may have different drug formularies, copays, coinsurance, or deductibles. Part D plans can change the formulary, which is the list of covered drugs, the deductibles, copays, coinsurance, and plan premiums every year. If you are enrolled in Part D, you’re your insurance company will mail you an Annual Notice of Change (ANOC) each year. You will receive the ANOC by October 1st, and it will outline all changes to your Part D plan for the coming year. Additionally, the amount you pay for Part D plans is adjusted according to your income level through the use of the Medicare Income-Related Monthly Adjustment Amount (IRMAA). If you have to pay more for your Part D plan due to an IRMAA adjustment, your premium may be increased each year if the IRMAA amounts go up.