Medicare Part D helps cover the cost of prescription medications. Without it, you could pay full price for drugs that might cost hundreds or thousands of dollars per month.
How Part D Works
Part D plans have a formulary (list of covered drugs), tiered pricing, and phases throughout the year:
- Annual Deductible: What you pay before coverage begins (up to $590 in 2024)
- Initial Coverage: You and your plan share drug costs
- Coverage Gap (“Donut Hole”): After a certain amount, you may pay more
- Catastrophic Coverage: After reaching a threshold, you pay only a small amount
Choosing a Part D Plan
Each plan has its own formulary, so check that your medications are covered. Plans also vary in monthly premium, pharmacy network, and mail-order options.
Don’t overpay for your medications. We can help you find the right Part D plan.