Prescription medications can play an important role in maintaining your health, and Medicare Part D helps many beneficiaries manage the cost of those medications. Understanding how Part D works can help you choose a plan that fits your needs and budget.
What Is Medicare Part D?
Medicare Part D is prescription drug coverage offered by private insurance companies approved by Medicare. These plans help cover the cost of many commonly prescribed medications.
Part D coverage can be purchased as a stand-alone plan alongside Original Medicare or may be included in many Medicare Advantage plans.
What Does Part D Cover?
Each Part D plan has a list of covered medications called a formulary. While many medications are covered, not every plan covers the same drugs.
Coverage and costs may vary based on:
- The medications you take
- The pharmacy you use
- Whether a generic version is available
- The specific Part D plan you select
Will My Medications Cost the Same Under Every Plan?
No. Even if two plans cover the same medication, the cost can be different.
Before choosing a plan, it’s important to review:
✔ Your current prescriptions
✔ Your preferred pharmacy
✔ Monthly premiums
✔ Deductibles
✔ Copays and coinsurance
Taking a few minutes to compare plans can potentially save you money throughout the year.
Can I Change My Part D Plan?
Yes. Medicare beneficiaries generally have the opportunity to review and change their prescription drug coverage during the Annual Enrollment Period, which runs from October 15 through December 7 each year.
Even if you’re happy with your current plan, it’s a good idea to review your coverage annually since formularies, premiums, and pharmacy networks can change from year to year.