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part d - prescription drug plans
Prescription Drug Plans (Part D)
Medicare Part D prescription drug plans help cover the cost of many commonly prescribed medications and are offered through private insurance companies approved by Medicare. These plans can vary in premiums, formularies, pharmacy networks, and copays, making it important to compare options each year.
Medicare Part D plans help cover the cost of many prescription medications
Part D coverage can be included in a Medicare Advantage plan (MAPD) or purchased as a stand-alone Prescription Drug Plan (PDP)
Different plans have different formularies, pharmacy networks, premiums and copays
It is important to make sure your medications are covered before enrolling in a plan.
Prescription drug plans can change each year, including covered medications and pharmacy networks
Reviewing your Part D coverage annually can help ensure you still have the best fit for your needs
Even people who currently take few medications may want to consider enrolling when first eligible
Delaying enrollment without other creditable prescription coverage may result in a late enrollment penalty.
You’ll pay an extra 1% for each month (that’s 12% a year) if you:
Don’t join a Medicare drug plan when you first get Medicare.
Go 63 days or more without creditable drug coverage.
Atlas Benefits can help compare plans based on your prescriptions, preferred pharmacies and budget
Key Parts of a Prescription Drug Plan
Medicare Part D prescription drug plans can vary by cost, covered medications, pharmacy networks, and plan rules. Understanding the basics can help you choose a plan that fits your prescriptions and budget.
Monthly Premium
This is the amount you pay each month to keep your prescription drug plan active, whether you use medications that month or not.
Deductible
Some plans require you to pay a certain amount for medications before the plan begins sharing costs. Deductibles can vary by plan and may not apply to every drug tier.
Copays & Coinsurance
A copay is a set dollar amount you pay for a medication, while coinsurance is a percentage of the drug’s cost. These amounts can change depending on the medication and pharmacy.
Formulary
The formulary is the list of medications covered by the plan. It is important to make sure your current prescriptions are included before enrolling.
Drug Tiers
Plans often place medications into different tiers, such as preferred generic, generic, preferred brand, non-preferred brand, and specialty drugs. Lower tiers usually cost less.
Pharmacy Network
Your costs can vary depending on whether you use a preferred pharmacy, standard pharmacy, mail-order pharmacy, or an out-of-network pharmacy.
The best prescription drug plan is not always the one with the lowest premium — it is the plan that best fits your medications, pharmacies, and total yearly costs.
Find Plans Available in Your Area
Enter your ZIP code to see Medicare Advantage and Supplement plans available near you. We’ll help you compare options and find the best fit for your needs.
No obligation. Your information is kept private and secure.
Plan availability, pricing, and benefits vary by location. That’s why starting with your ZIP code is the best way to see accurate options.
Prescription drug plans can often times be the most expensive part of a Medicare plan so it's important to compare your medications every year.
We may not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.