Medicare Part D helps cover the cost of prescription medications through private insurance plans approved by the Centers for Medicare & Medicaid Services. These plans vary in covered drugs, pharmacy networks, and pricing, but most include a monthly premium, deductible, and copays or coinsurance to help reduce out-of-pocket costs.

Part D also provides protection against high drug expenses, including catastrophic coverage after a certain spending level is reached. Because plans and drug coverage can change each year, it’s important to review your options during the Medicare Annual Enrollment Period to ensure your plan still fits your needs.