Medicare Part D: Prescription Drug Coverage Guide
By Centers for Medicare & Medicaid | 7 min read
Understanding Medicare Part D prescription drug coverage from CMS. Coverage phases, costs, and enrollment guidance.
Medicare Part D helps cover prescription drug costs for Medicare beneficiaries. According to CMS, Part D plans have a standard coverage design with four phases: Annual deductible ($505 in 2024), Initial coverage period (you pay 25% of costs), Coverage gap ("donut hole"), Catastrophic coverage (small copay/coinsurance). Compare plans annually during Open Enrollment (October 15 - December 7) as formularies and costs change.\n\n**Related Resources**\n- [Financial Planning Tools](/tools)\n- [Budget Calculator](/budget-planner)\n- [Credit Guide](/category/Debt%20%26%20Credit)\n- [Money Saving Tips](/category/Save%20Money)