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Medicare · Part D

Prescription Drug Plans

Medicare Part D helps cover the cost of your medications. Recent changes made it simpler than ever, the old “donut hole” is gone, and there’s now a yearly cap on what you pay out of pocket.

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Golden Age Financial

How do prescription drug plans work?

A Part D plan covers your prescriptions through a few coverage phases each year. As of the 2025 redesign there are now three phases instead of four, and a firm annual out-of-pocket limit caps your total spending.

The phases

Part D in three simple phases

Here’s how your costs flow across the year.

1

Deductible

You pay 100% of your drug costs until you meet your plan’s deductible, up to $615 in 2026. Many plans set this lower, or $0 for generics.

2

Initial Coverage

You pay about 25% of the cost, copays or coinsurance based on your plan’s tiered formulary (generics, preferred brands, specialty, etc.), until your out-of-pocket spending reaches the yearly cap.

3

Catastrophic Coverage

Once your out-of-pocket spending hits the annual cap ($2,100 in 2026), your plan pays 100% of your covered medications for the rest of the year.

The donut hole is gone, and your costs are now capped.
Thanks to recent Medicare changes, once you reach the yearly out-of-pocket limit ($2,100 in 2026) your covered drugs cost you $0 for the rest of the year.
Note: Deductible and cap amounts are set by Medicare and change every year. We’ll always confirm the current-year figures and find the plan that covers your specific medications.
How would I enroll?

Let’s find your plan

Plans and formularies vary by ZIP code. We’ll compare what’s available and make sure your prescriptions are covered.

See which plans are in your area

By submitting your information, you acknowledge a licensed insurance agent may contact you by phone, email, or mail to discuss and quote Medicare Advantage Plans, Medicare Supplement Insurance, or Prescription Drug Plan

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We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
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