Medicare Part D Plans: Costs and Benefits
UPDATED: Nov. 23, 2024. There are two types of Medicare Part D Plans (Medicare Prescription Drug Plans or PDPs). If you have Original Medicare (or PFFS / MSA types of Medicare Advantage Plan), you have the option to use a stand-alone Part D plan. Part D plans are run by private companies approved by Medicare.
Alternatively, if you are enrolled in other types of Medicare Advantage Plans, you may use a Medicare Advantage Prescription Drug Plan (MAPD) with a Prescription Drug Plan as a part of Medicare Advantage.
Liberty Medicare Library – Medicare Prescription Drug Plans
Article Contents
What does Medicare Part D cover?
Who is eligible for Medicare Part D?
You are eligible for the Medicare Part D Plan if you are enrolled in Part A and/or Part B.
What does Medicare Part D cover?
Medicare Part D covers most types of prescription drugs (both generic and brand-names) with a few exceptions.
Unlike Original Medicare, Part D coverage is not standardized. All plans must provide at least a standard level of coverage set by Medicare, but each plan can vary in cost such as the premium, deductible, copayment, and drugs covered (known as a formulary). Each plan includes different variations as to which drugs they cover, at what level (tier), and whether they cover some prescriptions at all.
What is Medicare Part D Cost?
Each Medicare Part D plan can vary in cost and cover different types of prescriptions. The cost includes:
- Monthly premium
- Yearly deductible
- Copayment / coinsurance
The Coverage Gap phase will be eliminated in 2025. The annual out-of-pocket spending limit (TROOP) will decrease to $2,000 in 2025. The Catastrophic Coverage phase begins once the yearly out-of-pocket spending limit is reached. Medicare beneficiaries will no longer pay any cost for formulary drugs purchased in the Catastrophic Coverage stage.
Additional Medicare Part D Resources
When are Medicare Part D Enrollment Periods?
Medicare Part D Coverage Phases: How does Part D work?
What Questions you need to ask when Choosing a Medicare Part D Plan
Medicare Part D – Frequently Asked Questions (FAQ)
US Government Sources
Let Liberty Medicare Help you Choose
Liberty Medicare is here to help you every step of the way while selecting and enrolling you in the best and most suitable Medicare Part D Plan for you. All of our services are entirely free to you!
We’ll help you:
- Find Part D plans in your area
- Develop solutions to minimize the impact of a ‘coverage gap’
- Find the least expensive Medicare Prescription Drug plan
- Understand your options when switching Part D plans
Liberty Medicare represents many well-known Medicare Part D providers in Delaware, Florida, Maryland, New Jersey, New York, Ohio, Pennsylvania, and Virginia. Learn more about all the benefits of working with Liberty Medicare.
If you are looking for Part D coverage, let us help. To view real quotes from Medicare Prescription Drug providers, please fill out our Medicare Prescription Drug Quote form. You also may give us a call at 877-657-7477, and you will be connected to a licensed agent/broker.