Medicare Part D is a voluntary program that people on Medicare may enroll in to obtain insurance coverage for their prescription drugs. These plans are offered either as a stand-alone product or often combined in Medicare Advantage plans.
There are several different Medicare Part D prescription drug plans available as well as companies that offer them.
Medicare Part D Coverage
Medicare Part D prescription drug plans provide coverage for:
- Various brand name and generic prescription drugs
- Several Vaccines that Medicare Part B doesn’t cover
- Many different prescriptions drugs that are commonly taken by people on Medicare
Medicare Part D prescription drug plans differ based on the company that offers them, as well as the different plans offered.
Medicare Part D Premiums for 2023
The Centers for Medicare & Medicaid Services (CMS) has released their projection for 2023 for the standard Medicare Part D premium, which is $31.50 per month.
This is just an average, and different companies offer several different plans that all range in monthly premiums. You should never choose a prescription drug plan based on premium alone, as each plan has what is called a “formulary”.
This is the list of prescriptions that are covered within the plan, as well as their costs. They vary widely from company-to-company.
How to Compare Plans and Enroll
We can help answer your questions about Medicare Part D prescription drug plans and help make sure you find a plan that’s best for your needs.
Call us today to get started.