Medicare Part D helps pay for prescription drugs, either as a standalone plan alongside Original Medicare or built into a Medicare Advantage plan.
Medicare Part D is an optional way to help cover the cost of prescriptions. You can get Part D either by buying a standalone plan to pair with your Original Medicare or by signing up for a Medicare Advantage plan that already includes Part D. Quottes can help you locate and enroll in the prescription drug plan that suits you best. But first, let's go over who qualifies for Medicare Part D and what it costs.
Anyone enrolled in Medicare Part A or Part B can join a prescription drug plan through Medicare Part D. Having both A and B isn't required. Keep in mind that Part D is optional, yet going without a drug plan could leave you paying a great deal out of pocket for your medications! You can sign up for Medicare Part D through an insurance broker like us — we'll make sure you enroll at the right moment so you steer clear of penalties.
Every Part D plan maintains a formulary spelling out which prescriptions are covered. These plans must include at least two drugs from each category, and they're also required to cover most, if not all, of the medications within these classes:
The particular expenses tied to Medicare Part D depend on the company and the plan. Members who run into coverage gaps — which lead to extra costs — should look into assistance (Extra Help) and benefit options, such as the Low Income-Subsidy (LIS) benefit, which may help cover those costs for anyone who qualifies. Those who don't qualify are typically on the hook for premiums, deductibles, copays, and any other out-of-pocket costs their chosen plan doesn't pick up.
Note: Beyond the standard amounts people may owe, anyone hit with a late enrollment penalty will pay more. In 2021, the typical figures were $30 for premiums, a maximum of $445 for deductibles, and up to 25% of prescription drug costs until out-of-pocket spending reaches $6,550, at which point Plan D takes over.
To bring drug costs down, many Medicare Part D plans sort medications into different tiers on their formularies. Plans can arrange these tiers in various ways, and each tier carries its own costs. As a general rule, a drug in a lower tier costs less than one in a higher tier.
A Medicare Part D plan's tiers might be structured like this:
Quottes works with top-rated insurance companies to offer you a range of choices. Whether you're just starting out with Medicare or overpaying for your current health insurance plan, reach out to us for help. We specialize in Medicare Advantage, Medicare Supplements, and prescription drug plans. So don't put it off — call 941-894-6460 for a FREE quote.
Turning 65 or new to Medicare can feel overwhelming. We have helped thousands of retirees navigate this journey with confidence — and we would love to help you too. Share a few details and a licensed advisor will reach out with a free, no-obligation quote.
It only takes a minute.
Get a free, no-pressure quote from a licensed advisor today.
