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Medicare Part D

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.

What Does Part D Cover?

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.

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“This is a solicitation of insurance. By submitting this form, I agree to be contacted by a licensed insurance agent for the marketing of Medicare Insurance products (i.e., Medicare Advantage Plans (Part C), Prescription Drug Plans (Part D), and/or Medicare Supplement (Medigap) Products) and services. I’m aware the person who will discuss the products is a licensed and certified representative of Medicare Advantage organizations and/or stand-alone Prescription Drug Plans. Each of the organizations they represent has a Medicare contract. This individual may also be paid based on my enrollment in a plan. Enrollment in any plan depends on contract renewal. I am aware that the person who will contact me is not affiliated with or works directly for the Federal government. I understand that I may be contacted via telephone, email, text messaging, artificial or prerecorded voice messages, or automatic dialing at the contact information provided above (even if my number is currently listed on any state, federal, local, or corporate Do Not Call list). Carrier data use charges and rates may apply. I understand that my consent is voluntary and is not a condition of purchasing any goods or services, and that I may change my preferences at any time.”

Medicare Part D Costs

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.

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Need Prescription Drug Coverage? Give Us a Call

At Covenant Medicare, we will get you the prescription coverage you need. To learn more about Medicare Part D, reach out to us today.

Talk with us about your medical needs

“This is a solicitation of insurance. By submitting this form, I agree to be contacted by a licensed insurance agent for the marketing of Medicare Insurance products (i.e., Medicare Advantage Plans (Part C), Prescription Drug Plans (Part D), and/or Medicare Supplement (Medigap) Products) and services. I’m aware the person who will discuss the products is a licensed and certified representative of Medicare Advantage organizations and/or stand-alone Prescription Drug Plans. Each of the organizations they represent has a Medicare contract. This individual may also be paid based on my enrollment in a plan. Enrollment in any plan depends on contract renewal. I am aware that the person who will contact me is not affiliated with or works directly for the Federal government. I understand that I may be contacted via telephone, email, text messaging, artificial or prerecorded voice messages, or automatic dialing at the contact information provided above (even if my number is currently listed on any state, federal, local, or corporate Do Not Call list). Carrier data use charges and rates may apply. I understand that my consent is voluntary and is not a condition of purchasing any goods or services, and that I may change my preferences at any time.”