Roman Brokers Insurance
Roman Brokers Insurance

Learn About Medicare’s
Prescription Drug Program

Medicare prescription drug coverage, also called Medicare Part D is operated by private insurance companies. Their plans must be approved by Medicare each year, and they are available to everyone with Medicare who enrolls in a plan. There are two primary options for Medicare prescription drug coverage:

  1. Enroll in a stand-alone Medicare prescription drug plan (PDP)
  2. Enroll in a Medicare Advantage Plan with prescription coverage (MAPD)

Each Medicare Part D plan covers at least what the Medicare base plan below describes, but many provide enhanced coverage to reduce your costs.

Part D Premium Income Brackets

Depending on your yearly income in 2021, your Part D premium varies for 2023.

Click the Image to Enlarge

Part D Premium Income Brackets

What’s the Part D Late Enrollment Penalty?

If you have a period of 63 or more days without Part D or other creditable drug coverage, you may have to pay a late enrollment penalty for as long as you have Part D. The late enrollment penalty is calculated each year by multiplying 1% of the national base beneficiary premium ($34.70 in 2024) by the number of full, uncovered months you were eligible.

Your Costs for Prescription Drug Coverage Depends On

  • The plan you choose
  • The medications you take
  • The pharmacy you choose
  • If your medications are a part of your plan’s formulary
  • If you qualify for a Medicare Extra Help program call us today to see if you qualify at 480-834-7447.

Your Costs for Prescription Drug Coverage Depends On

  • The plan you choose
  • The medications you take
  • The pharmacy you choose
  • If your medications are a part of your plan’s formulary
  • If you qualify for a Medicare Extra Help program call us today to see if you qualify at 480-834-7447.

Please note that even though Medicare prescription coverage is optional, if you decide to enroll in Part D at a time later than your initial coverage period it can result in a late enrollment penalty:

Before you make a decision, Roman Brokers Insurance will help you understand how Part D works and how it can help you. Call us today at 480-834-7447.

Calculating Part D Penalties

Medicare Downloads

Download Our Medicare Cost Analysis Worksheet

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