How Much Does Medicare Part D Cost?

Medicare Part D, which provides prescription drug coverage, has a 2026 average monthly premium of $34.50, a maximum annual deductible of $615, and an out-of-pocket cap of $2,100. The Inflation Reduction Act of 2022 limits insulin copays to $35 per month, and Part D covers 10 specific drugs with reduced costs. Coverage is structured through tiered pricing and stages, including deductible, initial coverage, and catastrophic phases.