If you use few or no drugs right now, you may be asking yourself if you really need to sign up for a prescription plan. When this dilemma arises, just keep in mind that Medicare Part D is not just a government benefit. It primarily works like insurance. It ensures that you are protected against high drug costs if and when you need it in the future. On this instance, you can opt for a Part D plan that has the lowest premium which can give you coverage at a lower price.

What is Medicare Part D?

Medicare Prescription Drug Plan – Medicare Part D is the federal government’s prescription drug program; that covers both brand-name and generic prescription drugs at participating pharmacies in your area. 

The coverage is available to all people eligible for Medicare, regardless of income and resources, health status, or current prescription expenses. Medicare prescription drug coverage provides protection for people who have very high drug costs.


Is a Medicare Prescription Drug Plan right for you?


  • You have Original Medicare Parts A or B coverage.
  • You reside in the service area for our plan.
  • You’d like help lowering your prescriptions medicine prices
  • You want coverage for prescriptions in the future, even if you don’t take any right now.
  • You need prescription drug coverage and have Original Medicare or a Medicare Supplement plan.


  • You currently have a Medicare Advantage Plan that covers prescription drugs.
  • You have access to prescription coverage through your union, your job, or a prior employer.
  • You are not a citizen of the United States or are residing there legally.

How Much Does Medicare Part D Cost?

Medicare Part D Premiums and Deductibles

The majority of Part D plans contain your responsibility-related deductibles, premiums, and/or copays or coinsurance. The government establishes an upper bound for annual deductibles each year. That cap serves as a useful yardstick for comparing plan deductibles. Remember that you might have to pay higher copays and/or monthly premiums if you choose a plan with a $0 deductible.

Medicare Part D Copay And Coinsurance Options

You must pay a predetermined cost when picking up your medicines at the pharmacy. You’ll choose the Part D plan choice for generic pharmaceuticals as they frequently cost less than name-brand prescription drugs. You’ll discover that more expensive prescriptions typically require you to pay a coinsurance. Find out how much of the cost of the prescriptions you require will be covered by your plan as you do your research.

Drug Tiers And Medicare Part D Costs

There is a cost-sharing tier for each drug on a drug list. The price of your prescription is partially influenced by the drug’s tier. Depending on whether your prescription is available in generic or brand form and the related cost, it may fall under a separate drug tier. There is a fixed copay or coinsurance fee for each drug tier. Here’s an illustration of how the layers might work:

What Is A Medicare Part D Coverage Gap (Donut Hole)?

The majority of prescription plans currently contain a “donut hole,” or coverage gap, which places a temporary cap on how much your plan will pay for medications. See if your Part D plan offers any extra advantages during the coverage gap or if your prescriptions will still be covered during the coverage gap. The $4,130 cap on Medicare Part D for 2021. You are responsible for a portion of the cost of your medications during the coverage gap.

How to Avoid The Medicare Part D Penalty?

You must pay a monthly late enrollment Medicare Part D penalty while you have Part D coverage if you don’t enroll in a Part D plan when you become eligible or if you wait 63 days or more following your IEP to obtain creditable medication coverage. Even while the monthly price is normally only a few dollars, it can mount up over time.

Getting Help With Medicare Part D Costs

Medicare Part D costs can vary, and help is offered to individuals who require it. A federal program called Extra Help assists with the expense of Medicare Part D. It may cover all or part of your prescription drug coverage, depending on your financial condition.

Other Ways To Pay For Medicare Part D Costs

Consider every Medicare expense you incur when studying your Part D options. For instance, you might discover that Part C or a Medicare Advantage plan can help you save money. Prescription drug coverage is a common feature of Medicare Advantage plans, along with other features that save you money when purchased together.
When applying for Medicare, consider all Part D plans that meet your requirements for medication coverage. See what works for you by comparing them to the costs covered by Medicare.

Explore all your options for Medicare prescription drug plans. Compare costs and coverage.

*By completing this form, you agree that an authorized representative or licensed insurance agent may contact you by phone,email,text, mail or face to face to answer your questions or provide additional information about your Medicare plan options. Not affiliated or endorsed by Medicare or any state or federal governmental agency.