En español | Medicare Part D drug coverage is sold by private insurance plans that set their own premiums, prescription prices and other charges that can vary from plan to plan.
Most plans will also require beneficiaries to pay a deductible amount before coverage begins. In 2017, that amount can be no higher than $400, although some plans have lower or no deductibles.
In addition, for each drug covered by your plan, you will pay either a fixed amount (copayment) or a percentage of the drug cost (coinsurance) for each prescription. Copayments and coinsurance amounts depend on whether the drug is a generic or brand name, and in what price category the insurance plan puts the drug. These categories are called tiers, with tier 1 being the cheapest. One plan can put your drug in tier 1 while another may put the same drug in a higher-priced tier.
Your drug costs will also vary depending on whether a plan covers your drugs and the specific quantity you need, and whether you purchase prescriptions at a pharmacy that participates in the plan's pharmacy network. Since these details can change from year to year, it is important to review your plan options before renewing your policy each year.
Your copayment or coinsurance amount also depends on when during the year you buy a covered drug.
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