MEDICARE Part D (Prescription DRug Coverage) - FAqs

Your Part D costs will vary by the plan you choose.  Plans will have fixed monthly premiums and you may be responsible for deductibles, copayments, and/or coinsurance when you fill prescriptions at a pharmacy.    

This is an amount you may pay in addition to  your prescription drug (Part D) premium if your income is above a certain level.  Click here to view income thresholds and income-related monthly adjustment amounts.  

Many plans have preferred pricing at select pharmacies so it would be wise to make note of the "preferred" pharmacies and use them to minimize your out-of-pocket costs.  You can find a list of "preferred" pharmacies through your plan benefit materials or online member portal.    

Most drug plans have an annual deductible of $505 in 2023.  There may be plans available with a lower deductible or a zero deductible in your area - but a lower deductible does not guarantee you will have lower out-of-pocket costs on your medications. 

You can switch plans and change your drug coverage during the Annual Election Period (AEP), which lasts from October 15 to December 7 each year.  If you qualify for a Special Election Period (SEP) because of a qualifying situation, you can make a change outside of the AEP.     

Your drug plan decision should be based on your medications and the pharmacy you wish to use.  Medicare offers a user-friendly "Medicare Plan Finder" tool that can help you compare and estimate out-of-pocket costs for drug plans available in your area.  

If you are a current client of Waxman Insurance and would like assistance, we may be able to provide you with a complimentary review of your drug plan during the Annual Election Period (AEP).