Costs and Coverage of Prescription Drug Plans

Signing up for a Medicare Prescription Drug Plan is one step in ensuring your continued health.  Referred to also as Medicare Part D, drug plans are available both through Original Medicare and as part of many Medicare Advantage Plans.  Depending on the plan you select and the company you choose, however, your costs can vary significantly.

Most plans will charge a monthly premium.  This premium varies according to plan and is in addition to the premium you pay for your Part B coverage.  Your costs for specific medications will also vary, depending on the plan you’ve chosen and the drugs you need. Additionally, your costs will be affected by whether or not you get “extra help”. You may qualify for extra help if you have a limited income, and should call Social Security at 1-800-772-1213 to find out. 

By having a number of plans to choose from, you will have the opportunity to find the one that best meets your needs.  However, in order to effectively utilize your plan, spend time familiarizing yourself with all the costs involved, the specific medications covered, the benefits of switching to a generic drug, and any coverage gaps.   People who are fully prepared when using their Medicare Prescription Drug Plan are more satisfied with their coverage and are able to use it most effectively.