Medicare Part D Plans
Prescription drug coverage that helps lower the cost of your medications and protects you from high drug costs.
What is Medicare Part D?
Medicare Part D is prescription drug coverage that helps pay for outpatient prescription drugs. It's offered by private insurance companies approved by Medicare and helps lower the cost of your medications.
Part D plans are designed to work alongside Original Medicare (Parts A and B) and some Medicare Advantage plans to provide comprehensive prescription drug coverage.
Prescription Coverage
Part D plans help you afford the medications you need to stay healthy and manage chronic conditions.
Compare PlansKey Benefits of Part D
Part D plans provide essential prescription drug coverage with several important benefits.
Cost Protection
Helps protect you from high prescription drug costs by sharing the cost of your medications.
Wide Coverage
Covers most prescription drugs, including brand-name and generic medications.
Year-Round Coverage
Provides continuous prescription drug coverage throughout the year.
Network Pharmacies
Access to a network of pharmacies for convenient prescription pickup.
Quality Plans
All plans must meet Medicare's quality and coverage standards.
Flexible Options
Choose from various plans with different premiums, deductibles, and copays.
How Part D Works
Understanding how Part D coverage works helps you make the most of your prescription drug benefits.
Choose a Plan
Select a Part D plan that covers your medications and fits your budget. Plans vary in premiums, deductibles, and copays.
Pay Your Premium
Pay your monthly premium to maintain coverage. Premiums vary by plan and can range from $0 to $50+ per month.
Meet Your Deductible
Pay the full cost of your medications until you meet your plan's annual deductible (if applicable).
Pay Copays/Coinsurance
After meeting your deductible, pay copays or coinsurance for your medications according to your plan's cost-sharing structure.
Catastrophic Coverage
Once you reach the out-of-pocket limit, you pay only a small copay or coinsurance for covered drugs for the rest of the year.
Part D Plan Features
Part D plans offer various features to help you manage your prescription drug costs effectively.
Formulary (Drug List)
Each Part D plan has a formulary that lists which prescription drugs are covered. The formulary may include:
- Brand-name medications
- Generic medications
- Specialty medications
- Over-the-counter drugs (some plans)
Cost-Sharing Structure
Part D plans use different cost-sharing methods to help manage your prescription drug expenses:
- Copays (fixed dollar amounts)
- Coinsurance (percentage of cost)
- Tiered pricing (different costs for different drug types)
- Annual deductibles
Pharmacy Network
Part D plans work with networks of pharmacies to provide you with convenient access to your medications:
- Preferred pharmacies (lower costs)
- Standard network pharmacies
- Mail-order options (some plans)
- Out-of-network coverage (higher costs)
Coverage Phases
Part D coverage works in phases throughout the year, each with different cost-sharing requirements:
- Deductible phase (if applicable)
- Initial coverage phase
- Coverage gap (donut hole)
- Catastrophic coverage
How to Choose the Right Part D Plan
Follow these steps to find the Part D plan that best meets your prescription drug needs and budget.
List Your Medications
Make a complete list of all prescription drugs you currently take, including dosages and frequency.
Check Formularies
Verify that your medications are covered by the plans you're considering and check their tier placement.
Compare Costs
Calculate total annual costs including premiums, deductibles, copays, and coinsurance for your specific medications.
Consider Convenience
Check if your preferred pharmacies are in-network and consider mail-order options if available.
Frequently Asked Questions
Get answers to common questions about Medicare Part D plans.
Frequently Asked Questions
Ready to Find Your Part D Plan?
Our licensed agents can help you compare Part D plans and find the one that best covers your medications at the lowest cost.