Medicare Part D

The Benefits

What is Medicare Part D?

Medicare Part D, a prescription drug coverage program offered by private insurance companies approved by Medicare, assists beneficiaries in affording the cost of prescription medications, granting access to a wide range of drugs at discounted prices. Its key benefits include comprehensive drug coverage, encompassing brand-name and generic medications, substantial cost savings on prescriptions, flexibility in choosing from various insurance companies to tailor to individual medication needs and budgets, and coverage for preventive services like vaccinations and screenings, promoting proactive healthcare management.

01

Formulary

Each Medicare Part D plan has its own list of covered drugs, known as a formulary. Make sure your medications are included in the plan's formulary and that they are covered at a reasonable cost.

02

Coverage Gap ("Donut Hole")

Be aware of the coverage gap, also known as the "donut hole," which occurs after you and your plan have spent a certain amount on covered drugs. Understand how this phase of coverage works and how it may impact your out-of-pocket costs.

03

Network Pharmacies

Check to see if your preferred pharmacy is included in the plan's network. Using an out-of-network pharmacy could result in higher costs.