Compare Medicare Part D Plans for 2026

Whether you have a Medicare Prescription Drug plan (Part D) or have prescription coverage through a Medicare Advantage plan, it’s extremely beneficial to review your plan each year to ensure it still includes the benefits you need at a price you can afford. Plans can vary by cost, coverage amount, and quality, so it’s important to compare your options during the Medicare Annual Enrollment Period.

Use SelectQuote to Help You Review Medicare Part D Plans

Comparing Medicare Part D plans on your own can be time-consuming, especially with so many carriers, formularies, and cost structures to review. SelectQuote simplifies the process by doing the comparison work for you.

All you need to do is provide your ZIP code and a list of your current prescriptions. From there, a SelectQuote licensed agent reviews available Medicare Part D plans for 2026 and identifies options that best match your medications, budget, and coverage needs, so you don’t have to manually check every carrier yourself.

Get started on a free, no-obligation Medicare Part D plan review.

Key 2026 Medicare Part D Changes to Know

Here are some important updates for 2026 that may affect your prescription drug coverage:

• $2,100 Annual Out-of-Pocket Cap: Once you reach this limit, your covered prescription costs are capped for the rest of the year.

• $35 per Month Insulin Cap Continues: Covered insulin remains capped at $35 per month, helping make diabetes management more predictable and affordable.

• Simplified Cost Protection Structure: The coverage gap (“donut hole”) has been eliminated and replaced with a clearer out-of-pocket spending cap.

Five Steps to Take When Comparing Plans

1. Out-of-Pocket Costs

Even when you have Medicare Part D coverage, you are still responsible for some out-of-pocket costs. These costs will vary depending on your plan and whether or not you receive Medicare Extra Help, but here are some costs to keep in mind when it comes to your plan.

• Monthly Premium: A monthly fee for your plan, paid in addition to your Part B premium.

• Yearly Deductible: The amount you pay out-of-pocket before your plan pays its share (Max $615 in 2026).

• Copays/Coinsurance: Your fee for each prescription after meeting the deductible.

2. Part D Copay Tiers

3. Pharmacy Networks

It’s beneficial to double-check that the pharmacy where you order your medications is in your plan’s network. Some plans will charge lower copays or coinsurance amounts at one location over another, and some even offer mail-order programs to have your prescriptions sent directly to your home. 

Note: Even if you do not intend to change plans during AEP, be sure to check that your pharmacy is still in your plan’s network next year. Plans can change from year to year.

4. Maximum Out-of-Pocket Cap

The "donut hole" is eliminated. For 2026, out-of-pocket drug costs are capped at $2,100. Once your spending hits this limit, you pay $0 for covered Part D prescriptions for the rest of the year.

5. Late Enrollment Penalty

If you delay enrolling in a Medicare Part D plan when first eligible and do not have creditable prescription coverage, you may face a permanent late enrollment penalty added to your monthly premium.