CMS Releases 2020 Parameters for Medicare Part D Prescription Drug Benefit
Recently, the Centers for Medicare and Medicaid Services (CMS) released the 2020 parameters for the Medicare Part D prescription drug benefit. Read this blog post from UBA to learn more.
The Centers for Medicare and Medicaid Services (CMS) released the following parameters for the defined standard Medicare Part D prescription drug benefit for 2020:
|Initial coverage limit||$ 4,020|
|Out-of-pocket threshold||$ 6,350|
|Total covered Part D spending at the out-of-pocket threshold (for beneficiaries who are ineligible for the coverage gap discount program)||$ 9,719.38|
|Minimum cost-sharing in catastrophic coverage portion of the benefit||$ 3.60 for generic/preferred multi-source drugs$ 8.95 for all other drugs|
Generally, group health plan sponsors must disclose to Part D eligibility individuals whether the prescription drug coverage offered by the employer is creditable. Coverage is creditable if it, on average, pays out at least as much as coverage available through the defined standard Medicare Part D prescription drug plan.
SOURCE: Hsu, K. (6 June 2019) “CMS Releases 2020 Parameters for Medicare Part D Prescription Drug Benefit” (Web Blog Post). Retrieved from http://blog.ubabenefits.com/cms-releases-2020-parameters-for-medicare-part-d-prescription-drug-benefit