Medicare - Part D
MEDICARE - PART d
Medicare Part D (Medicare prescription drug coverage)
Monthly premium: The Part D monthly premium varies by plan (higher-income consumers may pay more).
Late enrollment penalty: You may owe a late enrollment penalty if, for any continuous period of 63 days or more after your Initial Enrollment Period is over, you go without one of these:
A Medicare Prescription Drug Plan (Part D)
A Medicare Advantage Plan (Part C) (like an HMO or PPO)
Another Medicare health plan that offers Medicare prescription drug coverage
In general, you'll have to pay this penalty for as long as you have a Medicare drug plan. The cost of the late enrollment penalty depends on how long you went without Part D or creditable prescription drug coverage. Learn more about the Part D late enrollment penalty.
Deductibles, copayments, & coinsurance: The amount you pay for Part D deductibles, copayments, and/or coinsurance varies by plan. Look for specific Medicare drug plan costs, and then call the plans you're interested in to get more details.
What Medicare Part D drug plans cover
All plans must cover a wide range of prescription drugs that people with Medicare take, including most drugs in certain protected classes,” like drugs to treat cancer or HIV/AIDS. A plan’s list of covered drugs is called a “formulary,” and each plan has its own formulary. Many plans place drugs into different levels, called “tiers,” on their formularies. Drugs in each tier have a different cost. For example, a drug in a lower tier will generally cost you less than a drug in a higher tier.
Note
If you take insulin, you may be able to get Medicare drug coverage that offers savings on your insulin. You could pay no more than $35 for a month's supply. Find a plan that offers this savings on insulin in your state. You can join during Open Enrollment.
Recently passed federal law will CAP consumers out of pocket drug cost at $2000 per year in 2025
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