Medicare Part D

Medicare Part D: Prescription Drug Coverage

Medicare Part D is a prescription drug program offered by private insurance companies approved by Medicare. These plans help lower the cost of prescription medications.

You can enroll in a Part D plan if you're eligible for Part A and/or Part B. It's important to enroll when you're first eligible — delaying may result in a late enrollment penalty unless you have other creditable drug coverage.

What is a Drug Formulary?

Each Part D plan has its own formulary — a list of covered drugs grouped into tiers with different cost-sharing amounts. Before enrolling, check that your medications are covered. I can help you compare options to find the plan that best fits your needs and budget.

What Does Medicare Part D Cost?

• Monthly Premium set by each plan.
• Annual Deductible (varies by plan).
• Copayments or Coinsurance based on the drug's tier in the formulary.

Coverage Stages

1. Deductible Stage: You pay the full cost of medications until your deductible is met.
2. Initial Coverage Stage: Your plan shares the cost; you pay copay or coinsurance.
3. Catastrophic Coverage Stage: Once your out-of-pocket spending reaches a limit, you pay nothing for covered prescriptions for the rest of the year.

Need Help Navigating Medicare?

Call (216) 244-9571 today for a no-cost, no-obligation consultation. Calling the phone number will direct you to a licensed agent/broker.