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Medicare Prescription Drug Coverage
(Also known as Medicare Part D)

If you have Medicare Parts A and/or B, Part D plans can be purchased separately to help cover your prescription drug costs. These plans are offered by Medicare-approved private insurers – so costs and covered drugs vary from plan to plan.

Medicare Part D

More about Medicare Part D:

  • Part D works with a Medicare supplement insurance plan, or on its own
  • You can also get Part D benefits through some Part C plans.

Each year, Part D Pays:

  • Covered prescriptions included on the formulary (a list of covered drugs based on the plan selected)
  • Varying shares of other covered prescription costs until you reach the coverage gap
  • Most of the other covered prescription costs after you are out of the coverage gap

Each year, you Pay:

  • Monthly premium
  • Varying shares of covered prescription costs, until you reach the coverage gap
  • Varying shares of the cost of generic and brand name drugs while in the coverage gap
  • Low or zero copays or coinsurance for prescription drug costs, after you are out of the coverage gap

Glossary of Terms

Copayment: a kind of cost sharing where you pay a pre-set, fixed amount for each service. Sometimes called "copay."

Premium: a fixed amount you have to pay for an insurance plan; usually as a monthly payment.

View All Terms

The Basics of Medicare Insurance Explained

Watch the video below to learn more about Medicare and Medicare-related health insurance plans.