The cost of a Part D plan depends on the type of plan a participant chooses. To get Part D coverage, a participant must join a plan run by an insurance company or private company approved by Medicare. Each plan varies in costs and the drugs it covers.
The costs of a Part D plan vary and include monthly premiums, yearly deductibles, co-payments and costs in the coverage gap (also known as “donut hole”). In addition, those who meet certain income requirements (both high and low) will have different plan costs. Depending on the coverage in each particular plan, other factors will change the cost of a Part D plan, such as which prescriptions are used and whether they are included in the plan’s formulary as well as which pharmacy is used and whether that pharmacy is in the plan’s network.
Does the Affordable Care Act (ACA) Provide Help with Drug Bills Under Medicare?
What Do Part D Plans Cover?
How Do Participants Pay for Part D Plans?