You'll make these payments throughout the year with Medicare drug coverage:
- Premium
- Yearly deductible
- Copayments or coinsurance
- Costs if you get Extra Help
- Costs if you pay a late enrollment penalty
Your actual drug coverage costs will vary depending on:
- Your prescriptions and whether they’re on your plan’s list of covered drugs ( formulary ).
- What “tier” the drug is in.
- Which drug benefit phase you’re in (like whether you’ve met your deductible, or reached your out-of-pocket limit).
- Which pharmacy you use (preferred in-network, in-network, mail order, or out of network). Your out-of-pocket drug costs may be less at a preferred pharmacy because it has agreed with your plan to charge less. How do pharmacy networks affect what I pay?
- Whether you get Extra Help paying your Medicare drug coverage costs.
Need help paying for Medicare drug coverage costs? Visit 5 ways to get help with prescription costs for more information.