Medicare Part D requires a premium.
Medicare developed an option for prescription drug coverage on Jan. 1, 2007: Medicare Part D. This coverage is optional to anyone who qualifies for Medicare, receiving disability from Social Security or who has renal disease.
Part D Premium
Medicare Part D's monthly premium averages approximately $30. For qualified individuals who cannot afford the premium, programs are available for low-income individuals. A single individual's income must be less than $16,245 and a married couple's income must be less than $21,855.
Additional Costs
Medicare Part D, in addition to the monthly premium, also requires a deductible of $310 to be met before coverage is extended. Once the deductible is met, the plan will pay 75 percent and the insured will be responsible for 25 percent.
Payment
Payment of the monthly premiums can be made several different ways. The premium can be deducted from your Social Security checks, charged to a credit card, billed monthly, or paid through a checking or savings account.
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