WHAT’S NEW?

It will be easier than ever to compare Medicare Advantage and Part D plans on Medicare.gov. For the first time in a decade, a redesigned Medicare Plan Finder will allow users to shop and compare Medicare Advantage and Part D plans. The plan finder also will allow the user to compare pricing between original Medicare, Medicare prescription drug plans, Medicare Advantage plans and Medicare supplemental insurance or Medigap policies. You are able to compare up to three drug plans or three Medicare Advantage plans side-by-side. (Medicare.gov/plan-compare)

Standard Medicare Part D prescription drug plan coverage parameters are new in 2020. Initial Deductible will increase by $20 to $435 in 2020;

Initial Coverage Limit will increase to $4,020 in 2020 from $3,820 in 2019; Out-of-Pocket Threshold will increase to $6,350 in 2020 from $5,100 in 2019. Coverage Gap will begin once you reach your Medicare Part D plan’s initial coverage limit of $4,020 in 2020 and will end when you spend a total of $6,350 out-of-pocket in 2020.

The 2020 Doughnut Hole Discount is more beneficial. Part D enrollees will receive a 75% discount on the total cost of their brand name and generic drugs purchased while in the coverage gap, which represents a change from 63% last year for generic drugs.

The total out-of-pocket spending required to reach the “catastrophic” coverage level in Medicare Advantage plans has increased to $6,350, up from $5,100 in 2019.

People who are newly eligible for Medicare on or after Jan. 1, 2020, will not be able to purchase Medigap Plan C or F — the two plans that cover the Part B deductible. People eligible for Medicare before that date are not affected. If you already have Plan C or F, you can keep it. And if you don’t have Plan C or F but qualify by eligibility date, you can still buy those plans in the future.

This is the second year for the new Medicare Advantage Open Enrollment Period. During this time period — from January to March 2020 — you are able to change your mind and switch from one Medicare Advantage plan to a different Medicare Advantage plan. You also can drop your Medicare Advantage plan and return to Original Medicare, or sign up for a stand-alone Medicare Part D prescription drug plan if you made a change that caused you to lose your prescription drug coverage.

The income brackets for Medicare Part B and D will be inflation-adjusted for the first time with high-income now starting at $87,000 for a single person, instead of $85,000.

The standard Part B premium is projected to increase to $144.30 from $135.50.