How much is Medicare part D?

Monthly premiums for stand-alone Medicare Part D prescription drug plans run from about $10 to $75 per month, depending on the coverage the plan offers and where you live. The average cost of a plan is about $30 per month, and a few a few plans have no premium at all. Generally, plans with the broadest coverage (meaning the most drugs included), the fewest restrictions, and lowest copayments per prescription have the highest premiums.

If your income is low and you have few assets (up to about $15,000 for an individual, or $25,000 for a couple) not including your home (which is not counted as an asset), you might be eligible for what's called "Extra Help", which reduces the costs of a Part D plan. Depending on exactly how much income and how many assets you have, the plan's yearly deductible, the gap in coverage during which the plan offers no help with payments, and per-prescription copayments could all be reduced or even eliminated through this Extra Help program. You apply for Extra Help separately from enrolling in a plan itself. To see if you're eligible for Extra Help, contact the Social Security Administration (not the plan or Medicare). You can get more information about the Extra Help program on the Social Security Administration website[ssa.gov] or by calling Social Security toll-free at (800) 772-1213. You can also make an appointment to learn about the Part D Extra Help program, and to enroll in it, at any local Social Security office.