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What a Medicare drug plan does
Medicare prescription drug coverage, called Part D, helps pay for the prescriptions you take. It is sold by private insurance companies that Medicare approves. You can get it in one of two ways: as a stand-alone drug plan that you add to Original Medicare, or as part of a Medicare Advantage plan that includes drug coverage.
What it costs
Every plan sets its own monthly premium, deductible and copays, and Medicare sets limits on them each year.
- In 2026, no Part D plan can have a deductible above $615, and what you pay out of pocket for covered drugs is capped at $2,100 for the year.
- In 2027, the most a plan can charge for its deductible rises to $700, and the yearly out-of-pocket cap rises to $2,400.
- If your income and savings are limited, you may qualify for Extra Help paying your drug plan premiums and costs. To find out, call 1-800-MEDICARE (1-800-633-4227) or Social Security at 1-800-772-1213.
Choosing a plan
The plan with the lowest premium is not always the one that costs you the least. Before you choose, check:
- That each of your medications is on the plan’s list of covered drugs, and what tier it is in.
- That your pharmacy is in the plan’s network, and what it costs there compared with other pharmacies.
- Whether any of your drugs have limits, such as a quantity limit or a required approval.
- Your total cost for the year, not just the monthly premium.
When you can enroll
You can join a drug plan when you are first eligible for Medicare, and you can join or switch during Medicare’s annual open enrollment, October 15 to December 7 each year. If you go without drug coverage that is at least as good as Medicare’s, you may pay a late enrollment penalty. Our frequently asked questions explain how it works.
Let us shop for you
We represent top carriers and can compare drug plans for the medications you take. Call (313) 585-5257, and have your list of medications and your pharmacy name ready.
This is general information, not a description of any one plan’s benefits. See our Medicare disclaimers.