Why are my Medicare Part D prescription drugs so expensive early in the year?

You took the time to go over your medications in the fall open enrollment period with your agent or you used a Medicare Part D self-enrollment tool like we have on our website.  Entered your medications, the dosage, and your preferred pharmacy.  You found the best plan for you for the new year BUT what is with the costs you are now seeing?

Medicare Part D Drug Costs

There are a couple of rules of thumb to remember:

  1. When looking for the best plan for you in the fall.  Medicare is giving us their best estimates.
  2. Drug companies can change how they cover drugs from year to year.  One year your drug could have no deductible, the next the same exact drug now is subject to the deductible.
  3. When we find the best plan for you for the coming year, we always look at the overall price for the year.  This means monthly premium cost, the cost of your medications, and the deductible.
  4. Speaking of deductible.  Most of our calls early in the year have to do with this.  For 2022 the Medicare Part D – prescription deductible is $480.   This happens at the beginning of the year usually when you refill prescriptions subject to the deductible.  Most stand-a-lone Medicare Drug plans have this deductible.  Usually the lower tiered drugs (common maintenance generic drugs) are not subject to this deductible.

Did this help answer “Why are my Medicare Part D prescription drugs so expensive early in the year?”

So in conclusion, don’t let the beginning of the year give you heartburn and sticker shock if you did your due diligence in picking a drug plan the previous fall. Overall for the year, you are probably still on the best plan for you.  Worse case, each fall a review and change option for the coming year is always available on your Medicare Drug plan.  You can easily put your medications in our self-enrollment drug tool and find a more suitable plan for the next year.  We highly encourage this as drug companies may make changes on their prices for the following year.  We also really encourage this if your medications have changed throughout the year.

Video of how to use our Part D Prescription Self-Enrollment tool.