Medicare Part D Covers Prescription Costs

Medicare Part D plans provide beneficiaries with privately managed, federally approved prescription drug coverage. Medicare Part A and B don’t offer prescription drug coverage, so Part D helps:

Manage prescription drug costs
2023 Part D
$505 is standard Deductible
Initial Coverage Limit is $4,660
OOP Max is $7,400
Catastrophic is: $4.15 Generic/$10/35 Brand/ or 5% (Whichever is greater)
Provide discounts at in-network and preferred pharmacies

Medicare also offers Extra Help programs, which subsidize the cost of prescription drugs for qualifying low-income individuals and families.

If you do not sign up for a Medicare Part D plant when you are first eligible, you will be assessed a penalty for each month you delayed when you eventually sign up.

There are 5 different types of Medicare coverage — Part A, B, C, and D, as well as Medicare Supplement plans. Click on an option below to learn more about these types of Medicare coverage.