Medicare Part D Prescription Drug Plans
Medicare Part D is the part of Medicare that helps cover the cost of prescription drugs. The Gluth Agency Insurance helps Northwest Indiana residents review their medications against each plan's formulary—so there are fewer surprises at the pharmacy.
Medicare Part D is the part of Medicare that helps cover the cost of prescription drugs. Part D plans are offered by private insurance companies approved by Medicare, and you can get this coverage either as a stand-alone plan (paired with Original Medicare or a Medigap policy) or included inside many Medicare Advantage plans.
Each Part D plan has its own formulary—a list of covered medications organized into tiers. Because the specific medications you take, the pharmacies you use, and the plan's cost-sharing can all affect your out-of-pocket costs, reviewing the formulary each year is one of the most practical ways to help manage prescription expenses.
Key things to know
- Covers both brand-name and generic prescription medications
- Each plan uses a tiered formulary to set costs
- Available as a stand-alone plan or within many Medicare Advantage plans
- Late enrollment penalties can apply if you delay without other creditable coverage
- We help check your specific medications against plan formularies
Bring your medication list
- We review the drugs you take against each plan's formulary
- Pharmacy choice can affect your cost-sharing
- Generic vs. brand tiers change yearly
Frequently Asked Questions
What is a formulary?
A formulary is a plan's list of covered prescription drugs, grouped into tiers. Lower tiers usually cost less (for example, preferred generics), while higher tiers cost more. Your share of the cost depends on which tier your medication falls into.
Is there a penalty for enrolling in Part D late?
There can be. If you go without other creditable prescription coverage for a continuous period of 63 days or more after your Initial Enrollment Period ends, a late enrollment penalty may apply—and it generally stays with you as long as you have Part D. We help you understand the timelines so you can avoid this where it applies.
Ready to review your Medicare options?
Schedule a free, no-obligation conversation with a licensed agent in Crown Point.