One of Medicare beneficiaries’ most significant concerns is their prescription coverage. The Original Medicare program didn’t cover prescription drugs filled at a retail pharmacy. Part D is how you get your prescriptions covered under Original Medicare.
As we get older we do our best to stay as healthy as possible, and prescription drugs are often part of that equation.
Medicare Part D is insurance through private insurance companies such as Humana, Aetna, and Cigna. You enroll in one of their plans to cover your prescriptions. All drug plans must be as good or better than the standard model laid out by Medicare and the Centers for Medicare and Medicaid Services.
The base costs you will pay as a Part D prescription drug plan member are your monthly premium and a yearly deductible. Once you hit that threshold, your plan steps in to take care of most of the costs. However, when you fill your prescriptions, you’re left with copays and coinsurance.
The monthly premium will vary from plan to plan. The carrier sets its rates.
The Part D annual deductible is $505. But your deductible may be lower depending on your zip code.
A formulary is a list of covered drugs. There must be at least 1 type of drug in each therapeutic category covered on any plan formulary. All plans separate the prescriptions into tiers.
These tiers organize drugs into cost-sharing groups. Typically Tier 1s are the least expensive, and Tier 5 is the most costly. Most drug plans have five tiers, but a few have the 6th tier.
Please submit your zip code to start comparing Medicare Part D plans You can also call (833) 793-1161 TTY users 711 Mon - Fri: 5am - 7pm, Sat - Sun: 5am - 8pm PT to speak with a licensed insurance agent.