You’ll make these payments throughout the year in a Medicare drug plan:
- Yearly deductible
- Copayments or coinsurance
- Costs in the coverage gap
- 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 if you’re in the catastrophic coverage phase).
- Which pharmacy you use (whether it offers preferred or standard cost-sharing, is out of network, or is mail order). Your out-of-pocket drug costs may be less at a preferred pharmacy because it has agreed with your plan to charge less.
- Whether you get extra help paying your drug coverage costs.