Call SelectQuote
Work with one of our licensed insurance agents to get answers to your Medicare questions, unbiased comparisons of coverage and resources to simplify the entire process. Call 1-833-574-3011 (TTY: 1-877-486-2048) to get started.
Speak to a Licensed Sales Agent! Hours: Mon-Fri | 7am-9pm | CT; Sat-Sun | 7am-11pm | CT
Explore Medicare Part D with SelectQuote.
In just minutes, we can compare Medicare plan options available in your area. It’s free and there’s no obligation to enroll.
No obligation to enroll
Medicare Part D: What You Need to Know
What is Medicare Part D?
Medicare Part D—a federal program that began in 2006—provides Original Medicare beneficiaries access to retail prescription drugs. Prior to the introduction of Medicare Part D, Medicare beneficiaries mostly paid for their medications as an out-of-pocket expense, as Original Medicare (Medicare Part A and Medicare Part B) doesn’t cover all prescription drug costs.Also referred to as Medicare Prescription Drug plans, Medicare Part D helps cover the cost of prescription medications.
Some of the key things you need to know about Medicare Part D include:
- Part D plans are operated by Medicare-approved private insurance companies
- Part D plans provide prescription drug coverage for both generic and brand-name medications
- Medicare Part D has four phases of prescription drug coverage
- The cost varies based on the plan you choose, your medications, and your pharmacy
- Drugs covered and costs can change from year to year, so it’s important to compare plans
- Participation in Medicare Part D is purely voluntary
Who is eligible to receive Medicare Part D coverage?
Medicare Part D is a benefit offered to everyone who has Original Medicare. For Original Medicare recipients needing prescription drug coverage, a Medicare Part D plan can be purchased either as a standalone plan to supplement Medicare Parts A and B or to accompany a
The Cost of Medicare Part D
Most Medicare Part D plans charge a monthly fee that varies by plan, and you’ll have to pay this in addition to a Medicare Part B premium. If you also purchase a Medicare Part C plan that includes prescription drugs, the plan’s monthly premium could include an amount for the drug coverage. Each insurance company sets its own rates.In addition to the monthly premium, you will also need to share the costs of the medications you purchase at the pharmacy. The cost-sharing may include some deductible spending if your Part D plan has a deductible.There are many Medicare Part D plans to choose from in each state. Each insurance company sets its own formulary (list) of medications that are covered by the plan, making it important to choose a plan with a formulary that offers the medications you need. If you enroll in a plan without thoroughly checking the formulary, you may later learn that the plan does not cover one of your medications.Some people with higher incomes may have to pay more for their Medicare Part D plan, like those who earned more than $109,000 filing individually or $218,000 filing jointly. This is called the Income-Related Monthly Adjusted Amount, or IRMAA, and the chart below shows your estimated monthly prescription drug plan premium based on your income as reported on your IRS tax return.
| Filing Status and Yearly Income in 2024 |
|---|
| individual tax return | File joint tax return | Married and separate tax return | You pay each month (in 2026) |
| $109,000 or less in yearly income | $218,000 or less in yearly income | $109,000 or less in yearly income | Your plan premium |
| Above $109,000 up to $137,000 in yearly income | Above $218,000 up to $274,000 in yearly income | Not applicable | $14.50 + your plan premium |
| Above $137,000 up to $171,000 in yearly income | Above $274,000 up to $342,000 in yearly income | Not applicable | $37.50 + your plan premium |
| Above $171,000 up to $205,000 in yearly income | Above $342,000 up to $410,000 in yearly income | Not applicable | $60.40 + your plan premium |
| Above $205,000 and less than $500,000 in yearly income | Above $410,000 and less than $750,000 in yearly income | Above $109,000 and less than $391,000 | $83.30 + your plan premium |
| $500,000 or above in yearly income | $750,000 or above in yearly income | $391,000 or above | $91.00 + your plan premium |
Source: https://www.medicare.gov/
No obligation to enroll
Enrolling in Medicare Part D
A Medicare Part D Prescription Drug plan is an elective form of Medicare plan coverage, which means that you’re not required to enroll in one. If you choose to enroll in Part D later than your Initial Enrollment Period, there could be significant penalties. To avoid this and to ensure you have prescription drug coverage when you need it, you should enroll in Medicare prescription drug coverage when you are first eligible for Original Medicare.You can make changes to your prescription drug coverage during the Medicare Annual Enrollment Period (AEP), which runs October 15 to December 7.It’s important to know that Part D plans can change their formulary and benefits each year. The formulary determines how much of the cost of each medication they will cover, so it is a good idea to review your drug coverage during AEP. Even if your medications don’t change, it is possible to save money on a different plan. On the other hand, if you are happy with your prescription drug plan, you can simply allow it to renew automatically at the end of the year.
Explore Medicare Plans with SelectQuote
If you’d like to learn more about Medicare plans, we can help you understand your options. In just minutes, our licensed insurance agents can compare Medicare Advantage options available in your area. It’s free and there’s no obligation to enroll.
No obligation to enroll
We do the shopping. You do the saving.
No obligation to enroll
SelectQuote Senior Insurance Services is a division of SelectQuote Insurance Services. © 2025 SelectQuote Senior Insurance Services. All rights reserved.
Please see the Disclosures Page for more information.
MULTI-PLAN_SQSRW2026_M
Looking for an affordable Medicare plan? Let us help.
We’ll call you.
If you’re pressed for time, complete this form and a member of our team will call you at your selected time.