Medicare has numerous types of plans with different coverages and services. Medicare Part D is an optional plan providing prescription drug coverage for individuals enrolled in Part A or B Medicare plans.
What Prescription Medications Are Covered?
Each Medicare plan will contain a list of covered prescription drugs, referred to as the formulary. The plan you select may not include the specific brand of drug you’re seeking; however, it should consist of a similar drug.
According to the Kaiser Family Foundation (KFF), in 2024 there are 709 Medicare Part D stand-alone prescription drug plans (PDPs).1 Each state has a varying number of available stand-alone PDPs. Some states have as few as 15 plans while others have upward of 24 plans.
A Medicare Part D prescription drug plan will generally consist of multiple tiers.
- Tier 1: Lowest copayment, which covers most generic prescription drug products.
- Tier 2: Medium copayment amount, which includes the brand-name prescription drug products.
- Tier 3: Higher copayment amount, which includes the brand-name prescription drug products.
- Specialty Tier: The highest copayment charged to customers, which includes the most expensive prescription drug products.
For more information on Medicare plans, see the following resources:
- Medicare Part A
- Medicare Part B
- Medicare Part C
- Medicare Part D
Additional Information
For more information on Part D plans, Medicare recipients can visit the Medicare.gov website.