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Part D - Prescription Drug Coverage

PART D – Prescription Drug Coverage:

  • Helps cover the cost of prescription drugs
  • Run by Medicare and Medicare approved private insurance companies 
  • May help lower your prescription drug costs and help protect against higher costs in the future
  • If you decide not to join a Medicare drug plan when first eligible and you don’t have other creditable prescription drug coverage you will likely pay a late enrollment penalty if you join a plan later.


What is the Part D Coverage Gap or “Donut Hole”?



PART D Premiumvaries by plan (the higher your income the more you will pay). See the chart below for estimated monthly premiums based on income as reported on your IRS tax return from 2 years ago and last year. If you income is above a certain limit, you will have to pay an Income Related Monthly Adjustment Amount (IRMAA) in addition to your plans premium.  

If your filing status and yearly income in 2017 was

File individual tax return

File joint tax return

File married & separate tax return

You pay (in 2019)

$85,000 or less

$170,000 or less

$85,000 or less

Your plan premium

Above $85,000 up to $107,000

Above $170,000 up to $214,000


$12.40 + your plan premium

Above $107,000 up to $133,500

Above $214,000 up to $267,000


$31.90 + your plan premium

Above $133,500 up to $160,000

Above $267,000 up to $320,000


$51.40 + your plan premium

Above $160,000 and less than $500,000

Above $320,000 and less than $750,000

Above $85,000 and less than $415,000

$70.90 + your plan premium

$500,000 and above $750,000 and above $415,000 and above $77.40 + your plan premium


What is the Part D Late Enrollment Penalty?

  • You may owe a late enrollment penalty if at any time after your Initial Enrollment Period ends; you go 63 or more days in a row without Part D or other creditable coverage.
  • The penalty depends on how long you lack creditable prescription drug coverage
  • It is calculated by multiplying 1% of the national base beneficiary premium ($33.19 in 2019) by the number of full uncovered months that you were eligible but didn’t join a drug plan and went without other creditable prescription drug coverage.


We have Licensed Agents available to help with your Medicare options!

Call now to speak with an Agent to help you find the right plan to fit your needs.

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