medicare part d plans

Medicare Part D
Prescription Drug Coverage

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Medicare Part D

medicare part d plansWhen you’re enrolled in Medicare, it’s important to be aware of all the benefits that may help improve your health and well-being.

One such benefit is called Medicare Part D prescription drug coverage, which allows for affordable access to your personal medications needed on a daily basis at discounted cost.

No matter what type of plan you are currently using (Original Medicare or an Advantage Plan), there will always be options available so that whether at home or away from network pharmacies—all prescriptions covered under this program can easily be filled.

If you do not have creditable drug coverage and will be eligible for Medicare soon, enroll in Part D when you first get Medicare. If otherwise, enrollment may leave gaps or result in penalties if delayed.


Medicare Part D Formularies

Medicare Part A and Part B are referred to as Original Medicare and offered by the United States government who oversees the coverage. When it comes to Part D drug plans, they are offered by private insurance carriers under the regulation of Medicare. 

Therefore you will be purchasing a Part D drug plan from an actual insurance carrier and not Medicare directly. Each company has different plans they offer, and within each plan, there is what is called a formulary. 

This is a list of drugs that are covered by the particular plan. Because there are approximately 30 different drug plans on average in each area, it’s important to do some research to see which company and plan offer the best coverage for the medications that you currently take.

Our website can help!

Here you can not only compare various Part D drug plans but also enroll online easily. 

Because plans change each year it’s best to use our site to compare the new plans that come out on October 1st of each year. This is called the Medicare open enrollment period and is the one time each year that you can change your plan. This period runs from October 15th through December 7th. 


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Medicare Part D Enrollment

You can enroll in a Medicare Part D plan as soon as you are eligible for Medicare. That would be around your 65th birthday.

You can’t get coverage from the plan until you turn 65 or are eligible for Medicare Part A and B.

You have a short window of seven months in which you can enroll. 

Most people enroll at the same time you sign up for Medicare, up to three months before your 65th birthday and no later than 3 months after your birth month.

medicare part d plans

If you wait to enroll and don’t sign up in this window, then you will be assessed a penalty when you do finally enroll in a Part D drug plan. 

The exception is if you are opting out of Medicare Part B due to having credible coverage with your employer. When you do finally enroll in Part B that is when you’ll also want to enroll in a Part D drug plan.

You can enroll in Part D as an addition to Original Medicare, or you can get it as an included part of Medicare Advantage.

Many Advantage plans include Part D to give seniors a nearly comprehensive coverage plan, and that can be a very cost-effective way to get prescription drug coverage.

You can use our website to check the cost of Part D on its own or as part of a Medicare Advantage plan. 


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Medicare Part D Cost

The cost of Medicare Part D is going to vary based on which insurance company and plan you enroll in. These plans are only sold through private insurers, like Aetna, Cigna, Humana, Wellcare, and others.

These companies get to set the prices for their Part D plans. They also provide some variation in coverage from one Part D plan to the next, so what you’ll be covered for will be a bit different depending on which insurer you choose.

The prices change slightly each year, so be sure to bookmark this website and return every October 1st. This is when you can change your drug plan each year.

You can keep up with the rates here on our site. We list current prices for Medicare Part D plans, and you can keep checking back with us for up-to-date pricing information as often as you need to.

Medicare Part D is designed to be very affordable. The national average monthly premium is around $33 a month, and that will vary, of course, based on which insurer you pick and where you live.

Some states are simply going to have a higher average price for these plans than other states will. If you have a Medicare Part D plan and move to a new location, you may be subject to a new premium the following year.


Medicare Part D Co-payments

While you do have a monthly premium for your plan, you will also have a deductible as well as co-payments for your medications.

As mentioned, each plan is different with different costs as well as formularies. This means you absolutely must shop the rates and cost each year here on our website.


Medicare Part D Deductible

Many plans do offer $0 deductibles on Tier 1 medications which is great considering the max deductible is now $480 per year to meet. On higher Tier drugs such as 3, 4, and 5 you will likely need to meet the deductible first of your plan prior to getting any coverage towards those medications. This is standard over all the Part D drug plans.

You never want to shop for a drug plan based on the monthly premium alone. This is because each drug plan has different co-pay amounts for medications, and everyone takes different things.

Click the button below to begin comparing Medicare Part D plans in your area, it’s fast, easy, and FREE!

medicare part d plans

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