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Medicare Part D Cost

Medicare Part D Cost

Costs Associated with Part D

 

Premium

The monthly fee for your Medicare Part D Prescription Drug Plan coverage.

 

Deductible

The amount you’ll pay out of pocket for your prescription medications before your Part D plan begins to pay its share. Deductibles vary by Medicare Part D drug plans.

 

Copay

The portion of the prescription drug cost that you’re responsible for paying after your deductible (if any) is met. In a standard Medicare Part D plan, copays begin in phase two, the initial coverage phase. A copay is typically a fixed amount you pay for your medication.

 

Penalty

You may owe a late enrollment penalty if you go without Medicare Part D or creditable prescription drug coverage for any continuous period of 63 days or more after your Initial Enrollment Period is over. The penalty is the amount added to your Medicare Part D monthly premium for the duration of your Medicare Part D coverage.

 

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