What is Medicare Part D?
Medicare Part D is prescription drug coverage offered through private insurance companies approved by Medicare. It helps pay for the medications you pick up at the pharmacy or receive by mail. You can get Part D as a standalone plan paired with Original Medicare (or a Medigap policy), or built into most Medicare Advantage plans.
How Part D costs actually work
Every Part D plan has a few moving parts that together determine what you'll pay:
- Premium — what you pay each month to have the plan.
- Deductible — what you pay out of pocket before the plan starts sharing costs (this varies by plan).
- Formulary & tiers — the plan's list of covered drugs, sorted into tiers that determine your copay. The same drug can be a cheap tier on one plan and an expensive tier on another.
- Pharmacy network — using a preferred pharmacy can lower your copays.
- Annual out-of-pocket cap — recent changes put a hard yearly limit on what you pay for covered prescriptions, which protects people with high drug costs.
Because these pieces interact differently for every person's medication list, the best plan is genuinely individual. The right plan for your neighbor may be the wrong plan for you.
Send us your medication list — we'll do the math
We compare every Part D plan against your exact prescriptions and show your lowest total cost. Free.
Get my free drug-cost reviewAvoid the late enrollment penalty
If you go 63 days or more without creditable drug coverage after your Initial Enrollment Period, Medicare can add a late enrollment penalty to your premium — and it lasts for as long as you have Part D. The penalty grows the longer you wait. That's why it's usually worth enrolling on time even if you take few or no medications today. We'll help you avoid the penalty and pick the lowest-cost option that keeps you covered.
When can you enroll or switch Part D?
- Initial Enrollment Period: the 7-month window around your 65th birthday.
- Annual Enrollment Period: October 15 – December 7 — switch plans for the next year. This is the time to re-check, because plans change their formularies and prices every year.
- Special Enrollment Periods: triggered by moving, losing coverage, qualifying for Extra Help, and other events.
Why work with Honorbrook
We're an independent agency, so we compare the full slate of Part D plans available to you rather than steering you to one carrier. Our help is free — and we don't just enroll you and disappear. We re-check your plan every year, help with pharmacy and coverage questions, and make sure your drug coverage keeps costing you as little as possible. Licensed in 11 states, all by phone.