The Medicare Part D program offers a prescription drug savings for individuals. There are many different medication plans available according to the state the individual lives in and the private insurance company the plan is through. Although this plan is part of Medicare, private insurance companies work with them to provide coverage to individuals. How much does Medicare part D cost will vary depending on certain things.
Drug plans vary in costs and the medications that are covered along with the individual pharmacies that they work with. Although these things are different, some things are the same for all individuals such as paying a monthly premium, which is required by all individuals. How much does Medicare part D cost varies from state to state, but on average the monthly premium is about $31.92. In order to keep coverage current, Medicare part B must also be paid each month.
Along with a monthly premium there is also a deductible that must be meant each year before the plan starts to pay for prescriptions. How much does Medicare part D cost per year is about $310. After the deductible is paid, the coverage will begin to start paying a portion of the costs for prescriptions.
After the yearly deductible is paid, when purchasing medications, a portion of the costs are paid for by the plan, while the remaining costs are charged to the individual. The cost for a prescription varies as some pay a flat rate (co-payment) while others pay a percentage (co-insurance) of the costs. Many plans only cover a certain amount each year.