Prescription drug coverage under Medicare is provided through Medicare Part D. It is a voluntary program that helps beneficiaries pay for prescription medications. Private insurance companies approved by Medicare offer Medicare Part D plans which can be obtained independently or as a part of a Medicare Advantage plan.
These plans have formulas, which are lists of covered medications. The beneficiaries typically pay a monthly premium, annual deductible, and copayments or coinsurance for their prescription drugs. The specific coverage and costs vary depending on the plan chosen.
