Medicare Part D Plans
Taking the Sting Out of Pharmacy Costs
Medicare Part D is a supplement to Medicare that is designed to help pay for your prescriptions. Beneficiaries can access this coverage in one of two ways: either as a Part D stand alone plan that works alongside Original Medicare, or bundled inside a Medicare Advantage plan.
This year, there's a new safety net in place to offset the rising cost of prescriptions. A Beneficiary's out-of-pocket costs for covered drugs are capped at $2,000. So once that limit is hit, there is no more cost associated with your covered prescriptions.
Speak with a locally licensed agent today to discuss your specific prescriptions!
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What is Medicare Part D?
Medicare Part D is prescription drug coverage.
Often referred to as a Medicare PDP (Prescription Drug Plan), these policies are sold by private insurance carriers. A Beneficiary may add a Part D plan to Original Medicare or to a Medicare Advantage plan that does not include coverage for prescription drugs. Nearly 90% of Medicare Advantage plans cover prescription medications as a part of their baseline offering.
Medicare Part D has three phases
of coverage
Phase one: Deductible
The deductible phase is controlled by the total out of pocket cost before the plan starts to pay. In 2026 that amount is $615.
Phase two: Initial Coverage
Once the deductible is reached, Part D will cover 75% of your prescriptions cost until you reach the annual cap of $2,000.
Phase three: Catastrophic
Once the annual cap is met, you will no longer have to pay anything for your covered prescriptions, but you will still pay your Part D premiums every month.
Get Expert Advice from Helpha
Medicare's "alphabet soup" of enrollment periods is notoriously difficult to track. One small oversight can result in higher costs for the rest of your life.
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The Cost of Missing Your Window
Without "creditable" coverage, missing your IEP can lead to:
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