Medicare Part D Prescription Plans

Medicare offers prescription drug coverage to everyone with Medicare. If you decide not to join a Medicare Prescription Drug Plan when you're first eligible, and you don't have other creditable prescription drug coverage, or you don't get Extra Help, you'll likely pay a late enrollment penalty. To get Medicare drug coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Each plan can vary in cost and drugs covered.

Drug coverage is only available during open enrollment Oct. 15th thru Dec. 7th each year. (aka AEP)

What drug plans cover

Each Medicare Prescription Drug Plan has its own list of covered drugs (called a formulary). Many Medicare drug plans place drugs into different "tiers" on their formularies. Drugs in each tier have a different cost.

A drug in a lower tier will generally cost you less than a drug in a higher tier. In some cases, if your drug is on a higher tier and your prescriber thinks you need that drug instead of a similar drug on a lower tier, you or your prescriber can ask your plan for an exception to get a lower copayment.

PART "D" - Prescription Drug Plans (PDP)

  • Annual Deductible for 2024 is $545.00 for Most Plans – Several Plans offer a Zero Deductible, but the premiums are higher, but also the cost of drugs “MAY” be lower overall.
  • Most Plans in 2024 will offer the “Insulin Savings Program” where your Insulin is limited to only a $35.00 maximum charge per Insulin Drug per month.
  • Initial Coverage Limit or Threshold = $5,030 (Now you are in the Donut Hole or Coverage Gap) – You are now responsible for 25% of the retail cost of your drugs until you have spent $8,000
  • Once you reach the $8,000 of out of pocket expenses – you are finished for that calendar year.
  • There are approximately 25 Available Drug Plans in South Florida for 2024 and they vary in premium from approx. $0.00 per month to about $175.00 per month. Average is about $35.00 per mo.

*Subject to change

IMPORTANT: DO NOT PICK A PLAN THAT HAS LESS THAN A 3 STAR RATING OR IS LISTED AS “TOO NEW TO BE MEASURED” AS IT IS NOT RECOMMENDED.