Joseph Insurance BrokerWe Medi Care
Medicare Part D is the federal government's prescription drug coverage program. It covers both brand-name and generic prescription drugs at participating pharmacies in your area.
You join a Part D plan run by a private insurance company approved by Medicare. Each plan has a formulary — a list of covered drugs. Plans vary in which drugs they cover, how much you pay, and which pharmacies are in their network.
Peter runs a full drug plan comparison based on your specific medications, dosages, and preferred pharmacies. This ensures you get the lowest possible cost for your prescriptions — many people can save hundreds of dollars per year with the right plan selection.
If you don't join a Part D plan when you're first eligible and don't have other creditable prescription coverage, you may pay a late enrollment penalty for as long as you have Medicare drug coverage.
Starting in 2025, Medicare Part D has a $2,000 out-of-pocket cap per year — meaning once you've paid $2,000 for covered drugs, you pay nothing for the rest of the year. This is a significant benefit for people with high drug costs.