June 16, 2022
3 minute read

What Is the Cost of Medicare Part D and Medicare Advantage?

Are you eligible for Medicare? If so, saving on prescription drugs doesn’t have to happen just at pharmacy counter. The right Medicare Part D prescription drug coverage could help you save on your regular medications. By looking at the cost of Medicare Part D, as well as the cost of Medicare Advantage, you can potentially plan for either standalone drug coverage or a drug coverage combined with Parts A and B.

What is the cost of Medicare Part D for 2022?

The cost for a Medicare Part D plan for 2022 is approximately $33.37 per month.2 However, your actual premium will vary based on:

  • The plan you choose
  • Participation in “Extra Help">Extra Help
  • Participation in a Medicare Savings program

For those who qualify, a Medicare program called “Extra Help">Extra Help” can help pay Part D premiums, deductibles, and copays. Also known as the Low-Income Subsidy (LIS">LIS) program, Extra Help">Extra Help can assist people with limited resources and income levels. Compare plans and find out if you are eligible for Extra Help">Extra Help online now.

What was the Part D premium for 2021?

In 2021, the average Part D premium was $31.47.3 The cost increased approximately 6% from 2021 to 2022.

Can you buy Medicare Part D by itself?

3 Ways to Help Save on Prescription Medications

  1. Enroll in a Medicare Part D or Medicare Advantage (Part C) plan
  2. Check your drug formulary
  3. Compare prices at different pharmacies

Yes, you can buy Medicare Part D by itself. Purchasing a standalone Part D plan is common if you have Original Medicare. In 2021, approximately 48 million of the more than 62 million people covered by Medicare were enrolled in Part D plans – that’s more than half.1 If you’re looking to compare plans online, HealthMarkets can help. Review your options now.

Can I have a Medicare Advantage plan and a Part D plan?

You can have a Medicare Advantage (MA) plan and a separate Part D prescription plan at the same time, but only if your Medicare Advantage plan does not include prescription drug coverage. If your Medicare Advantage does include prescription drug coverage, you cannot purchase a separate Part D plan. Most MA plans do include prescription drug coverage, and some plans also include vision, dental, and hearing benefits. If you want the benefits of Medicare Parts A, B, and D in one plan, consider choosing a Medicare Advantage plan.

Remember, choosing Medicare Advantage doesn’t mean you’re losing Medicare Parts A or B. Medicare Advantage plans are sold through private insurance companies who are responsible for administering your Medicare Part A and B benefits.

What is the cost of a Medicare Advantage plan with drug coverage?

If you are eligible, the least expensive Medicare Advantage plan can have a premium of $0 a month.4 However, you are still responsible for copays or coinsurance, as well as meeting your deductible. You will still have to pay your monthly Medicare Part B premium, even if choosing a Medicare Advantage plan.

3 Ways to Help Save on Prescription Medications

The first way to save would be to enroll in Medicare Part D or a Medicare Advantage plan with prescription drug coverage. Having prescription insurance that covers your drugs can lower how much you pay out-of-pocket each time you refill a medication.

Next, make sure your prescriptions are covered under the plan you’ve chosen. Every plan must include a formulary, which lists which drugs are covered and at what tier they fall under. If you’re receiving a new medication, ask your doctor if your insurance company will cover that prescription. If not, you can ask your doctor to choose a covered medication or send in a prior authorization request.

Finally, to make sure you can access the prescriptions you need, you should compare pharmacies, as prescription prices can vary by retailer, even within the same ZIP code. Just remember, the prices listed will be the full out-of-pocket costs before any insurance coverage. To compare prices after insurance coverage, you’ll have to contact your local pharmacies or check with your insurance plan administrator.

Compare the Cost of Medicare Part D and Medicare Advantage with HealthMarkets

HealthMarkets can help you find a prescription coverage plan that’s right for your needs and your budget, at no cost to you. Visit with a licensed insurance agent in your area, compare plans online, or call (800) 827-9990 today.

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© 2022 HealthMarkets Insurance Agency. All rights reserved.

To send a complaint to Medicare, call 1-800-MEDICARE (TTY users should call 1- 877-486-2048), 24 hours a day/7 days a week). If your complaint involves a broker or agent, be sure to include the name of the person when filing your grievance.

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE (TTY users should call 1- 844-704-7357), 24 hours a day/7 days a week, to get information on all of your options.

Attention: This website is operated by HealthMarkets Insurance Agency, Inc. and is not the Health Insurance Marketplace® website. HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency in all 50 states and DC. Not all agents are licensed to sell all products. Service and product availability varies by state. Sales agents may be compensated based on a consumer’s enrollment in an insurance plan. No obligation to enroll. Agent cannot provide tax or legal advice. Contact your tax or legal professional to discuss details regarding your individual business circumstances. Our quoting tool is provided for your information only. All quotes are estimates and are not final until consumer is enrolled. Medicare has neither reviewed nor endorsed this information.

HealthMarkets Insurance Agency offers the opportunity to enroll in either QHPs or off-Marketplace coverage. Please visit HealthCare.gov for information on the benefits of enrolling in a QHP. Off-Marketplace coverage is not eligible for the cost savings offered for coverage through the Marketplaces.

This information is not a complete description of benefits. Call the Plan’s customer service phone number for more information.

48659-HM-0622

© 2022 HealthMarkets Insurance Agency. All rights reserved.

To send a complaint to Medicare, call 1-800-MEDICARE (TTY users should call 1- 877-486-2048), 24 hours a day/7 days a week). If your complaint involves a broker or agent, be sure to include the name of the person when filing your grievance.

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE (TTY users should call 1- 844-704-7357), 24 hours a day/7 days a week, to get information on all of your options.

Attention: This website is operated by HealthMarkets Insurance Agency, Inc. and is not the Health Insurance Marketplace® website. HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency in all 50 states and DC. Not all agents are licensed to sell all products. Service and product availability varies by state. Sales agents may be compensated based on a consumer’s enrollment in an insurance plan. No obligation to enroll. Agent cannot provide tax or legal advice. Contact your tax or legal professional to discuss details regarding your individual business circumstances. Our quoting tool is provided for your information only. All quotes are estimates and are not final until consumer is enrolled. Medicare has neither reviewed nor endorsed this information.

HealthMarkets Insurance Agency offers the opportunity to enroll in either QHPs or off-Marketplace coverage. Please visit HealthCare.gov for information on the benefits of enrolling in a QHP. Off-Marketplace coverage is not eligible for the cost savings offered for coverage through the Marketplaces.

This information is not a complete description of benefits. Call the Plan’s customer service phone number for more information.

48659-HM-0622

© 2022 HealthMarkets Insurance Agency. All rights reserved.

To send a complaint to Medicare, call 1-800-MEDICARE (TTY users should call 1- 877-486-2048), 24 hours a day/7 days a week). If your complaint involves a broker or agent, be sure to include the name of the person when filing your grievance.

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE (TTY users should call 1- 844-704-7357), 24 hours a day/7 days a week, to get information on all of your options.

Attention: This website is operated by HealthMarkets Insurance Agency, Inc. and is not the Health Insurance Marketplace® website. HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency in all 50 states and DC. Not all agents are licensed to sell all products. Service and product availability varies by state. Sales agents may be compensated based on a consumer’s enrollment in an insurance plan. No obligation to enroll. Agent cannot provide tax or legal advice. Contact your tax or legal professional to discuss details regarding your individual business circumstances. Our quoting tool is provided for your information only. All quotes are estimates and are not final until consumer is enrolled. Medicare has neither reviewed nor endorsed this information.

HealthMarkets Insurance Agency offers the opportunity to enroll in either QHPs or off-Marketplace coverage. Please visit HealthCare.gov for information on the benefits of enrolling in a QHP. Off-Marketplace coverage is not eligible for the cost savings offered for coverage through the Marketplaces.

This information is not a complete description of benefits. Call the Plan’s customer service phone number for more information.

48659-HM-0622