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Medicare Part D

Medicare Part D: Important Information

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Part D of Medicare Explained

Medicare enrolled individuals have access to retail prescription medications with reasonable copays thanks to Medicare Part D, a federal program that launched in 2006. Prior to the creation of Medicare Part D, beneficiaries of Original Medicare (Medicare Part A and Medicare Part B) had to pay the majority of the costs associated with their prescription out of their own pockets.

Medicare Plan D, also known as Medicare Prescription Drug Plans, assists in absorbing the cost of prescription medicines, extending your healthcare coverage and possibly enabling you to save money. It is also known as the Medical Prescriptions Drug Plan. 

Here are some of the most important Medicare Part D facts you should be aware of:

  • Medicare-approved private insurance providers manage Part D programs.
  • Both generic and brand-name prescription drugs are covered under Part D programs.
  • There are four stages of prescription drug coverage under Medicare Part D.
  • Your plan of choice, your prescriptions, and the drugstore all affect the price.
  • It’s crucial to compare plans because the costs and prescription drugs covered can fluctuate from year to year.
  • Medicare Part D enrollment is entirely optional.

Who qualifies for coverage under Medicare Part D?

Everyone with Medicare is eligible for the benefit known as Medicare Part D. A Medicare Part D plan can be acquired as a stand-alone plan to supplement Medicare Part A and Medicare Part B or to go along with a Medicare Supplement Insurance plan for Medicare recipients who require prescription drug coverage.


Prescription drug coverage may also be available through a Medicare Part C plan.

Medicare Part D  - Costs

In addition to paying a Medicare Part B premium, most Medicare Part D plans impose a monthly premium that varies by plan. Prescription drug coverage may be included in the plan’s monthly fee if you also purchase a Medicare Part C plan that covers prescription drugs. Every insurance provider sets its own prices.


Along with the monthly fee, you will also have to split the cost of the prescription drugs you buy from the pharmacy. If your Part D plan has a deductible, some of the cost-sharing may be spent on that amount.


In each state in 2023, there are a wide variety of Medicare Part D plans being offered. It’s critical to pick a plan with a formulary that covers the prescriptions you require because each insurance company establishes its own formulary (list) of medications that are covered by the plan. You can later find out that one of your prescriptions is not covered by the plan if you enroll in a plan without carefully reviewing the formulary.


A Medicare Part D plan may cost more for some people with higher incomes. For example, if you made more than $97,000 filing separately or $194,000 filing jointly, you might have to pay extra. Your anticipated monthly premium for a prescription medication plan based on the Income-Related Monthly Adjusted Amount, or IRMAA, is shown in the chart below.

Monthly Premiums Based on Income and Filing Status and Yearly Income In 2021
Individual Tax Return
Joint Tax Return
Married & Separate Tax Return
Monthly Premium (in 2023)
$97,000 or below
$194,000 or below
$97,000 or below
your plan premium
above $97,000 up to $123,000
above $194,000 up to $246,000
$12.20 + your plan premium
above $123,000 up to $153,000
above $246,000 up to $306,000
$31.50 + your plan premium
above $153,000 up to $183,000
above $306,000 up to $366,000
$50.70 + your plan premium
above $183,000 and less than $500,000
above $366,000 and less than $750,000
above $97,000 and less than $403,000
$70.00 + your plan premium
$500,000 or above
$750,000 or above
$403,000 or above
$76.40 + your plan premium

Medicare Part D - Enrollment

Since a Medicare Part D Prescription Drug plan is an optional part of Medicare coverage, you are not forced to join one. Significant penalties may apply, however, if you decide to join up for Part D after your initial enrollment period. When you first become eligible for Medicare, you should enroll in Medicare prescription drug coverage to prevent this from happening and to guarantee that you have coverage for prescription medications when you need it.

The Medicare Annual Enrollment Period (AEP), which runs from October 15 to December 7, gives you the opportunity to make adjustments to your prescription drug coverage.

The Part D plan formulary and benefits are subject to annual modification, so it’s vital to be aware of this. It is a good idea to evaluate your prescription coverage during AEP as the formulary dictates how much of the cost of each medication they will pay. You might be able to switch to a cheaper plan even if your meds stay the same. If, on the other hand, you are content with your prescription drug coverage, you can just let it renew on its own at the end of the year.

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Find out more about Medicare Part D with DreamHealthQuotes

If you’d want to learn more about Medicare Part D prescription drug insurance, DreamHealthQuotes can help you understand your options, save you time, and perhaps even money. We can evaluate the Medicare alternatives in your location in a matter of minutes to be sure you’re receiving all advantages that are entitled to you and saving as much cost as possible. No obligation for enrollment.

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