Part D Prescription Drug Plans

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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 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 October 15th to December 7th every year.

Making Part D work

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—which means that, effective in 2020, the donut hole will be fully phased out. For total drug costs above the catastrophic threshold, Medicare pays 80%, plans pay 15%, and enrollees pay either 5% of total drug costs or $3.60/$8.95 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. Our team of trusted advisors would be happy to review your plan annually with you. However, if you prefer to do your research first, here are some resources to get you started:

Start at Medicare.gov, where you can find the basics about the benefit and part D plans.
There's also 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 even shows 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 $18,210 and financial resources of less than $14,100, or married couples with incomes of less than $28,150, 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, you can read about the six ways to lower your drug costs on Medicare.gov.

This information was obtained from www.medicare.gov

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