Medicare Part D
What Is Medicare Part D?
Medicare Part D is prescription drug coverage available through private insurance companies and other private companies approved by Medicare. It helps pay for covered brand-name and generic prescription drugs.
If you have Original Medicare, you can usually get Part D by joining a stand-alone Medicare drug plan. Many Medicare Advantage plans also include prescription drug coverage as part of the plan.
Part D is optional, but delaying enrollment can lead to a late-enrollment penalty if you go too long without other creditable prescription drug coverage.
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Drug Lists, Pharmacies, and Costs Matter
Each Part D plan has a list of covered medications called a formulary. Formularies differ from plan to plan, so a plan that works well for one person may not be a good fit for someone taking different prescriptions.
Plans may organize covered drugs into different cost-sharing levels or tiers. Your cost can also depend on which pharmacy you use and whether that pharmacy is preferred by the plan.
Monthly premiums, deductibles, copayments, coinsurance, formularies, and pharmacy networks can all vary by plan. For that reason, comparing only the monthly premium can be misleading.
Medicare now limits how much you can pay out of pocket each year for Part D-covered prescription drugs. That annual limit can change from year to year, so current plan details should always be reviewed when comparing coverage.
It is especially important to confirm that your current prescriptions are covered and to compare what you would pay at the pharmacies you actually use.
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We can help you review Part D and Medicare Advantage drug coverage and compare how your prescriptions fit the available plans. There is no charge for our services.
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