Medicare Part D
Medicare Part D is the portion of the Medicare program that covers prescription drug costs. It is a voluntary program available to people who are eligible for Medicare and have enrolled in either Part A or Part B.
Medicare Part D plans are offered by private insurance companies and are designed to work alongside Original Medicare or a Medicare Advantage plan that does not include prescription drug coverage. Part D plans cover a wide range of prescription drugs, including generic and brand-name drugs.
In general, Part D plans include:
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Medicare Part D plans are offered by private insurance companies and are designed to work alongside Original Medicare or a Medicare Advantage plan that does not include prescription drug coverage. Part D plans cover a wide range of prescription drugs, including generic and brand-name drugs.
In general, Part D plans include:
- A formulary, or list of covered prescription drugs
- Monthly premiums, which vary based on the plan and the beneficiary's income
- Annual deductibles, which vary based on the plan
- Coinsurance or copayments, which the beneficiary pays for each prescription drug
- A coverage gap, also known as the "donut hole," during which the beneficiary pays a larger share of the cost of prescription drugs until they reach the out-of-pocket limit
- Catastrophic coverage, which kicks in after the beneficiary has spent a certain amount on prescription drugs, and covers most of the remaining costs for the rest of the year.
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“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.”
“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.”