A woman standing in front of an outdoor table.

Medicare Costs

Navigating Prescription Drug Plans (PDPs) involves understanding various factors, including deductibles, Part B Premium, and IRMAA. Let's break down each category:

Deductibles

Prescription Drug Plans often come with deductibles, which are the initial amounts you must pay out of pocket before your plan starts to cover costs. Deductibles can vary between plans, so it's essential to review your plan's deductible amount and any associated details carefully.

Part B Premium

In addition to your Medicare Part B premium, you may also need to pay a separate premium for your Prescription Drug Plan. This premium can vary depending on the plan you choose and other factors. It's important to budget for both your Part B premium and your Prescription Drug Plan premium to ensure you have comprehensive coverage for your prescription medications.

IRMAA

IRMAA stands for Income-Related Monthly Adjustment Amount. It's an additional amount that high-income Medicare beneficiaries may need to pay for their Part D prescription drug coverage and Part B premiums. IRMAA is based on your modified adjusted gross income (MAGI) from two years prior. If your income exceeds certain thresholds, you may be subject to IRMAA, resulting in higher premiums for your Prescription Drug Plan and Part B coverage.

2024 IRMAA Limits (Income-Related Monthly Adjustment Amount)

IRMAA JPEG

Part B Deductible

Prescription Drug Plans often come with deductibles, which are the initial amounts you must pay out of pocket before your plan starts to cover costs. Deductibles can vary between plans, so it's essential to review your plan's deductible amount and any associated details carefully.

Part D Deductible

Prescription Drug Plans often come with deductibles, which are the initial amounts you must pay out of pocket before your plan starts to cover costs. Deductibles can vary between plans, so it's essential to review your plan's deductible amount and any associated details carefully.