If you have Medicare Parts A and/or B, Part D plans can be purchased separately to help cover your prescription drug costs. These plans are offered by Medicare-approved private insurers – so costs and covered drugs vary from plan to plan.
More about Medicare Part D:
- Part D works with a Medicare supplement insurance plan, or on its own
- You can also get Part D benefits through some Part C plans.
Each Year, Part D Pays:
- Covered prescriptions included on the formulary (a list of covered drugs based on the plan selected)
- Varying shares of other covered prescription costs until you reach the coverage gap
- Most of the other covered prescription costs after you are out of the coverage gap
Each Year, You Pay:
- Monthly premium
- Varying shares of covered prescription costs, until you reach the coverage gap
- Varying shares of the cost of generic and brand name drugs while in the coverage gap
- Low or zero copays or coinsurance for prescription drug costs, after you are out of the coverage gap
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