Medicare Part D helps cover prescription drug costs and can be added to your Medicare coverage. You can sign up starting three months before your 65th birthday.
🚨 Important: If you delay enrollment more than three months after turning 65 and don’t have equivalent drug coverage (e.g., a retiree plan), you may face a permanent premium surcharge.
✅ Initial Enrollment Period: Three months before to three months after your 65th birthday.
✅ Annual Open Enrollment: October 15 – December 7 each year. During this time, you can switch, join, or drop a Part D or Medicare Advantage plan with drug coverage.
💰 Higher Out-of-Pocket Drug Costs
Catastrophic coverage threshold increased from $7,050 to $7,400.
Standard deductible increased from $480 to $505.
Initial coverage limit increased from $4,430 to $4,660.
Coverage gap (donut hole):
Brand-name drugs: You pay 25% (70% discount from manufacturers, 5% from plans).
Generic drugs: You pay 25% (plans cover the remaining 75%).
After reaching catastrophic coverage, Medicare covers 80%, plans pay 15%, and enrollees pay 5% or $4.15/$10.35 per drug.
🔎 Visit Medicare.gov to:
✔️ Compare Part D plans using the Medicare Part D Plan Finder.
✔️ Find a plan that covers your specific medications and calculates your estimated monthly costs.
📞 Need help understanding your options? Call us for guidance.
💡 If your income is below $20,385 (individual) or $27,465 (married) and your assets are within certain limits, you may qualify for Extra Help to reduce your premiums and drug costs.
📄 Learn how to apply for Extra Help on Medicare.gov and discover six ways to lower your medication costs.
For more information, visit www.medicare.gov.
📞 Call today to speak with a licensed Medicare agent!
This Medicare information section is here to educate you about your insurance options and provide you with the resources you need to help you select the right plan for your unique needs.
If there’s anything you need or if you have any questions, please feel free to contact us. We are here to help.