Medicare Part D Prescription Drug Plans
The Role of Medicare Part D
Original Medicare and Medigap do not cover prescription drugs. Part D ensures you have drug coverage and protects against costly penalties if you go without. Everyone eligible for Medicare should have either a standalone Part D or a Medicare Advantage plan that includes drug coverage.
How Part D Plans Work
You pay a monthly premium to a private insurer. Each plan has a formulary (list of covered drugs), cost-sharing tiers, and stages of coverage: deductible, initial coverage, coverage gap (donut hole), and catastrophic coverage. These reset each year.
Choosing a Part D Plan
The right plan depends on your prescriptions. We’ll compare options to ensure your medications are covered affordably and your preferred pharmacy is included. Tools like Medicare.gov help estimate your yearly costs, and we do the heavy lifting for you.
Key Considerations
Preferred pharmacies: Save more at in-network or preferred locations.
Mail-order discounts: Convenient, often at lower cost.
Annual review: Formularies and premiums change each year, so reviewing is critical.
Extra Help: Low-income subsidies are available and can drastically reduce costs.
Medicare Part D FAQs
Do I need Part D if I take few medications?
Yes. Even low-cost plans protect you from penalties and future needs.
Can I change plans if my prescriptions change?
You can switch during Annual Enrollment or under certain conditions.
What is the donut hole?
A temporary coverage gap where you pay more for prescriptions. It’s now limited to about 25% cost-sharing.
Does every pharmacy accept Part D?
No. Plans have networks, and using preferred pharmacies often lowers your costs.
