Buying prescriptions is less costly with Medicare Part D but not free. Know your costs to budget and have access to important medications.
Medicare Part D is the branch of Medicare that pays for prescriptions. The cost of pills you need monthly can add up, and this helps ease some of the cost. Part D includes a monthly premium similar to Medicare Part B, and other costs are also usually required.
The monthly premium associated with Medicare Part D will usually be less than other healthcare costs. The deductible will also be smaller, but you are required to pay a certain amount for your prescriptions before the insurance starts. Most plans have a deductible of a few hundred dollars.
Like other health insurance plans, you must pay for part of the costs of your prescriptions. You pay a co-pay after the deductible is met. This will only be a small percentage of the cost of the medications and will be easier than paying full price.
Some Part D plans will only pay for prescriptions up to a certain amount. It is important to be aware of this limit because this is the most costly area for many. Reaching the limit means you are in a gap where Medicare will not pay for any prescription costs. You must pay full price until you reach a new level called catastrophic coverage. This level has the smallest fees associated with it. Some people only pay 5% of costs for catastrophic coverage.
Medicare Part D is a more affordable way to pay for needed prescriptions but is not free. It is important to consider how much money you can realistically spend on prescriptions. Search for plans that will meet your needs and budget.