What is Medicare Part D?
Part D is Medicare prescription drug coverage. You can receive it through a standalone Medicare drug plan that works alongside Original Medicare, or through most Medicare Advantage plans that include drug coverage.
Every Plan Has Its Own Drug List.
A plan's list of covered prescriptions is called a formulary. Formularies include generic and brand-name medicines, but the exact drugs and coverage rules vary by plan. Some prescriptions may require prior authorization, step therapy or quantity limits.
Drug Tiers Affect What You Pay.
Plans commonly group covered medications into tiers. Lower tiers generally cost less, while non-preferred brand-name and specialty drugs may have higher copays or coinsurance. The tier structure is different from plan to plan.
Your Pharmacy Matters Too.
Plans contract with pharmacy networks, and some use preferred pharmacies where your covered prescriptions may cost less. The same medication on the same plan can cost you differently depending on where you fill it. Some plans also offer mail-order options.
What can you pay?
Depending on the plan and medication, your costs can include a monthly premium, a deductible, copays or coinsurance. These amounts and the formulary can change from year to year, which is why reviewing your prescriptions annually is important.
Information We Need Before We Compare Plans.
Medication name
The exact name of every prescription you take.
Dosage & frequency
How strong it is and how often you take it.
Your pharmacy
Where you prefer to fill prescriptions, plus whether mail order works for you.