Prescription Drug Plans

Medicare Part D Prescription Drug Plans

​You can sign up for Part D Prescription Drug Plans, which help cover prescription drug costs, along with other components of Medicare starting three months before your 65th birthday.

*It’s important to do this on time because there’s a permanent premium surcharge for enrolling more than three months after your 65th birthday, if you don’t have equivalent drug coverage from another source, such as a retiree plan.

Let us help you with your enrollment

If you are already enrolled in a Part D “standalone” plan or a Medicare Advantage plan that incorporates drug coverage, you can switch plans during the open-enrollment period, which runs from Oct. 15 to Dec. 7 every year.

Making Part D work

In 2021, you are facing higher out-of-pocket drug costs before you can qualify for catastrophic coverage. The out-of-pocket spending threshold will increase by $200, from $6,350 to $6,550 in 2021.

You will also face higher out-of-pocket costs in 2021 for the deductible and in the initial coverage phase before reaching the catastrophic coverage. The standard deductible is increasing from $435 in 2020 to $445 in 2021, while the initial coverage limit is increasing from $4,020 in 2020 to $4,130 in 2021.

For costs in the coverage gap phase, beneficiaries will pay 25% for both brand-name and generic drugs, with plans paying the remaining 75% of generic drug costs. For total drug costs above the catastrophic threshold, Medicare pays 80%, plans pay 15%, and enrollees pay either 5% of total drug costs or $3.70/$9.20 for each generic and brand-name drug, respectively.

Choosing a plan

It pays to review your Part D coverage every year, especially if you have started taking new drugs.

​Start at Medicare.gov, where you can find the basics about the benefit and Part D plans. There’s a link to the Medicare Part D Plan Finder, which allows you to compare offerings and coverage options in your area and includes a helpful formulary finder that allows you to compare plans based on their coverage of your personalized list of drugs. It will even show you your monthly out-of-pocket drug cost for the year

Call us to help you understand your options.

​Getting financial help

Individuals with annual incomes of less than $19,140 and financial resources of up to $14,610, or married couples with incomes of less than $25,860, might qualify for Extra Help from Medicare to pay their Part D premiums and out-of-pocket drug costs.

Download Medicare’s instructions on applying for the Extra Help program.

Additionally, read about the 5 ways to lower your drug costs on Medicare.gov.

*By contacting the phone number on this website you will be directed to a licensed agent.