Medicare Prescription Drug Plans

What is a medicare prescription drug plan?

These plans are offered by insurance companies and other private companies approved by Medicare. When you join a Medicare Prescription Drug Plan, you use the card that you receive from the plan to receive a discount on your prescriptions at a many pharmacies.

How much dose a medicare prescription drug plan cost?

Costs for your prescriptions will vary depending on your financial situation and which Medicare Prescription Drug Plan you choose. If you have limited income and resources, you may get extra help to cover prescription drugs for little or no cost.

If your income reaches a certain level, you may be subject to a surcharge, charged to you by the government, to obtain a Medicare Part D Prescription Drug plan. This is in addition to the premium you must pay to an insurance company for your actual Prescription Drug plan. Below are the income thresholds:

If Your Yearly Income in 2014 was:

File Individual
Tax Return ————- You Pay in 2015
$85,000 or below        $ -0- + Your Plan Premium
$85,001–$107,000     $12.30 + Your Plan Premium
$107,001–$160,000   $31.80 + Your Plan Premium
$160,001–$214,000   $51.30 + Your Plan Premium
above $214,000         $70.80 + Your Plan Premium

File Joint
Tax Return ————– You Pay
$170,000 or below       $ -0- + Your Plan Premium
$170,001–$214,000    $12.30 + Your Plan Premium
$214,001–$320,000    $31.80 + Your Plan Premium
$320,001–$428,000   $51.30 + Your Plan Premium
above $428,000         $70.80 + Your Plan Premium

2014 Part D National Base Beneficiary Premium – $33.15

This figure is used to estimate the Part D late enrollment penalty and the income-related monthly adjustment amounts listed in the table above. The national base beneficiary premium amount can change each year.

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