- Medicare Part D is Medicare’s prescription drug coverage.
- You may purchase a Medicare Part D plan if you qualify for Medicare.
- Part D plans have a list of drugs they cover called a formulary, so you can tell if a plan covers your prescriptions.
- Some Medicare Part D plans are included in Medicare Advantage plans.
All plans must cover a wide range of prescription drugs that people with Medicare take, including most drugs in certain protected classes,” like drugs to treat cancer or HIV/AIDS. A plan’s list of covered drugs is called a “formulary,” and each plan has its own formulary. Many plans place drugs into different levels, called “tiers,” on their formularies. Drugs in each tier have a different cost. For example, a drug in a lower tier will generally cost you less than a drug in a higher tier.
Choosing the right Medicare plan is important. With different coverage options, copays, premiums, and deductibles, it can be frustrating to figure out your best option.
Medicare is the government-funded health insurance plan for people age 65 and older in the United States. It has several parts that cover different types of health and medical costs.