Medicare Part D is the prescription drug coverage component of the Medicare program. Part D can be purchased as a standalone plan while enrolled in Original Medicare (Part A and B) or included as an added benefit in a Medicare Advantage (Part C) plan.
Part D will cover at least two prescription drugs from each class/category and includes coverage for all of these specific drugs:
The list of drugs that a Part D plan will cover is known as a formulary. Knowing your plan’s formulary is important in determining if it provides the coverage you need, and is the right plan for you.
Part D costs will vary by plan, and your monthly premium will be determined by your income. The average monthly premium is $33 in 2022, but this amount can be higher if your income is above a certain amount. This higher amount is known as the Income-Related Monthly Adjustment Amount (IRMAA).
The higher amount you pay will be determined on what you filed on your taxes from two years ago.
Some Part D plans will also have a yearly deductible, while other Part D plans will have no deductible. If there is a deductible, it cannot be over $480.