Medicare Prescription Drug Plans (Part D)

Medicare Part D plans help cover the costs of prescription medications. These plans are offered by private insurance companies that are approved by Medicare. They can be added to Original Medicare (Parts A & B) or used with a Medicare Advantage plan that doesn’t already include drug coverage.

Basic Overview

Stand-Alone Part D Plans: These plans are designed for individuals with Original Medicare. They cover a variety of medications, but the specific drugs covered can vary by plan.

Medicare Advantage Plans (Part C) with Drug Coverage: Many Medicare Advantage plans include Part D coverage along with their broader benefits.

Each Part D plan has its own list of covered drugs, organized into tiers. Medications in lower tiers generally cost less, while those in higher tiers, such as specialty or brand-name medications, are more expensive.

Costs Involved

Part D plans involve several costs, which can vary by plan:

Monthly Premiums: The amount you pay each month for your plan.

Annual Deductible: Some plans require you to pay a set amount before the plan begins to cover costs.

Copayments or Coinsurance: The amount you pay per prescription, which depends on the drug tier.