A deductible is a cost that you must pay at the beginning of the year before you begin paying the assigned copay or coinsurance amount for your medications. In order to satisfy the deductible, you can expect to pay the full cost of your medications when you pick them up from the pharmacy. Once you have satisfied your plan’s deductible amount, you will begin paying the assigned copays or coinsurances for your medications according to your plan’s Summary of Benefits.
Here are some facts about Medicare’s Part D Deductible:
- In 2019, it can be as high as $415
- The specific amount is determined by your insurance plan
- It starts over each year
- Deductible amounts change each year
- It only needs to be satisfied once per year
It’s necessary to be aware of your plan deductibles in order to have an accurate idea of your annual costs.