Medicare

2021 Medicare Part D Plans Premiums, Deductibles and Costs

By October 6, 2020 October 15th, 2020 No Comments

2021 Medicare Part D prescription drug plans have been released and the news, though not as great as the last 2 years, is yet again positive for seniors’ as overall costs should remain relatively flat from 2020.

Overall total costs for Part D Plans grew by roughly 1.20% from 2020 as the national average Part D Plans cost is $70.15 a month.

Breakdown of Part D Plans on a national level:

  • Basic Part D Plans:
    • $39.81 monthly premium.
      • This is a 10.95% increase from 2020.
    • $427.44 annual Part D deductible.
      • This is a 1.88% increase from 2020.
    • $75.43 monthly cost for Basic Part D plans
      • This is a 6.47 increase from 2020.
  • Enhanced Part D Plans that have a separate Part D Deductible:
    • $30.42 monthly premium.
      • This a 4.68% decrease from 2020.
    • $376.85 annual Part D deductible.
      • This is a 2.45% decrease from 2020.
    • $61.82 monthly cost for Enhanced Part D Plans with a separate Part D Deductible.
  • Enhanced Part D Plans that include the Part D Deductible within the premium:
    • $83.99 monthly Premium.
      • This is a 2.48% decrease from 2020.

Overall weighted average Part D costs in 2021 is $70.16 a month on a national level which is just a slight increase of roughly 1.20% from 2020 costs.

Please note:

  • These costs reflect the average costs on a national average for an average healthy person.
  • Those who have are considered to be above average in terms of health may experience much less expensive monthly costs for Part D coverage.
  • Conversely, those who are considered to be unhealthy may experience higher monthly costs for Part D coverage.
  • Costs are subject to residency and widely vary.

For more information on which Part D Plan is best suited please Medicare’s Plan Finder by clicking here.

Dan McGrath

Dan McGrath

Mr. McGrath is a Co-Founder of Healthcare Retirement Planner as well as Jester Financial Technologies. He is a best selling author, "What you don't know about retirement will hurt you" and is a nationally recognized speaker on how health costs impact retirement.

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